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 graduate. Now what kind of factor pricing method would you suggest for the pricing of Labor (Business graduate/doctor) in Bangladesh? Explain.

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Rahul Sunny answered 2 years ago

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

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