Questions Organizations strive to achieve a standard of production wherein they aim to optimize their output at the minimum cost. This is called economic efficiency. In this process, the production function is impacted by the short run and long run factors. Question 1 Explain the difference between short run and long run. Type your answer here. Question 2 Explain the impact of the following factors on production in the short run. a. Total Product Function (TP) b. Marginal Product of Labour (MP) c. Average Product of Labour (AP) d. Law of Diminishing Returns Question 3 What are different types of costs involved in production of goods and services? Analyze the relationship between cost and productivity in the short run. Type your answer here. Question 4 Explain the concepts of economies and diseconomies of scale in the long run. Interpret your answer with the help of examples. Type your answer here. References Insert the references you have used here in APA referencing format.

Questions Organizations strive to achieve a standard of production wherein they aim to optimize their output at the minimum cost. This is called economic efficiency. In this process, the production function is impacted by the short run and long run factors. Question 1 Explain the difference between short run and long run. Type your answer here. Question 2 Explain the impact of the following factors on production in the short run. a. Total Product Function (TP) b. Marginal Product of Labour (MP) c. Average Product of Labour (AP) d. Law of Diminishing Returns Question 3 What are different types of costs involved in production of goods and services? Analyze the relationship between cost and productivity in the short run. Type your answer here. Question 4 Explain the concepts of economies and diseconomies of scale in the long run. Interpret your answer with the help of examples. Type your answer here. References Insert the references you have used here in APA referencing format.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 33P: Assume the demand for a companys drug Wozac during the current year is 50,000, and assume demand...

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