What is Production Function? Explain Factors of Production. Differentiate short run and long run production function.

Expert Solution

Rahul Sunny answered 1 year ago

What is Production Function? Explain Factors of Production. Differentiate short run and long run production function.

. Distinguish the long-run production from the short-run and explain the various long run production function...

. Distinguish the long-run production from the short-run and explain the various long run production function with the help of isoquants.

a. Distinguish between the short run and the long run production function. Discuss the four factors...

a. Distinguish between the short run and the long run production function. Discuss the four factors of production elaborately. Provide at least 5 examples of each. b. Bangladesh a labor intensive country. So the labor is cheaper than other factors of production. Consider this case: The number of Business graduate is higher than the Doctor. Consequently, the price or wage of Business graduate will be lower than the wage of Doctor. That discourages the prospective student to be a Business...

Explain the difference between production in the short run and production in the long run.

3.1. Explain the difference between the short-run and the long-run production function. Cite one example of...

3.1. Explain the difference between the short-run and the long-run production function. Cite one example of this difference in a business situation. (6) 3.2. Explain the relationship between the law of diminishing returns and the three stages of production using a graph showing total, marginal and average product. (10)

Difference between production in the short run and production in the long run: 1. What is...

Difference between production in the short run and production in the long run: 1. What is the difference between the short-run and long-run? Is there a fixed time period associated with short-run and long-run? Explain why or why not. 2. What happens to output in the short-run as production increases? What inputs are "fixed" and which input is variable in the short-run? How does this explain diminishing marginal productivity? 3. What might happen to output in the long-run as the...

Explain the relationship between a firm’s short-run production function and its short-run cost function. Focus on...

Explain the relationship between a firm’s short-run production function and its short-run cost function. Focus on the marginal product of an input and the marginal cost of production. (p. 283 #3

What is the difference in the short run and the long run? In the short run,...

What is the difference in the short run and the long run? In the short run, A. at least one of the firm's inputs is fixed, while in the long run, at least one of the firm's inputs is variable. B. at least one of the firm's inputs is fixed, while in the long run, the firm is either able to vary all its inputs, adopt new technology, or change the size of its physical plant. C. at least one...

Explain how a firm may transition from the short-run production decision to the long-run production decision....

Explain how a firm may transition from the short-run production decision to the long-run production decision. In your explanation, us applicable graphs (6%) to illustrate short-run and long-run laws in operation. (10%)

1. Is this cost function a short-run or long-run cost function? ? = 1 3 ?...

1. Is this cost function a short-run or long-run cost function? ? = 1 3 ? 3 − ? 2 + 2? + 90 a. Short-run b. Long-run c. There is information to answer question _____ 2. The ______illustrates the various combinations of L and K that can produce the same level of output. a. Isoquant b. Isocost c. Expansion path _____ 3. For a cost-minimizing firm that chooses the optimal level of L and K, it will always choose...

Question

What is Production Function? Explain Factors of Production. Differentiate short run and long run production function.

Solutions

Expert Solution

Related Solutions

What is Production Function? Explain Factors of Production. Differentiate short run and long run production function.

. Distinguish the long-run production from the short-run and explain the various long run production function...

a. Distinguish between the short run and the long run production function. Discuss the four factors...

Explain the difference between production in the short run and production in the long run.

3.1. Explain the difference between the short-run and the long-run production function. Cite one example of...

Difference between production in the short run and production in the long run: 1. What is...

Explain the relationship between a firm’s short-run production function and its short-run cost function. Focus on...

What is the difference in the short run and the long run? In the short run,...

Explain how a firm may transition from the short-run production decision to the long-run production decision....

1. Is this cost function a short-run or long-run cost function? ? = 1 3 ?...