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What is meant by production function. Why it is so significant.
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Solved in 2 steps
- Select all that apply A production function can include many inputs. Which of the following are the most commonly used inputs? Land Capital Entrepreneurship Technology LaborExplain a firm’s production function. Include in your answer how time influences the production function.What do you mean by 'production function"?
- Explain Production Function and exaplain Developing a Production Function for your company.What best describes the long run? a period of time that labor can change a period longer than six months a period of time that at least one input cannot be changed a period of time that all inputs can be changedFirms are facing a lot of challenges when dealing with their costs of production. Analyze a fixed and variable cost in a fast food restaurant and how this cost will impact their operations when their business starts to grow.
- How does labor influence marginal product? There's the saying "the more the merrier," but is this always the case? Can you think of a scenario in which too much labor would decrease output? Share personal experiences where additional labor either helped or hurt productivity.With the aid of diagrams,explain the stages of production,outlining the relationship between total product and marginal product of labour.If marginal physical product is continually declining, what does marginal cost look like?