the process a firm offers to turn inputs right into outputs.being able come produce an ext output making use of the exact same inputs.being may be to develop the exact same output utilizing fewer inputs.
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a firm should use much more inputs to develop the same outputa firm should use an ext inputs to create the exact same output.
What is the difference in between the short run and also the long run?Is the amount of time the separates the quick run native the lengthy run the exact same for every firm?
In the short run, at the very least one that a firm"s inputs is fixed, while in the long run, a for sure is may be to differ all that inputs and adopt new technology.No
a nonmonetary possibility cost.An explicit expense is a price that requires spending money, if an implicit expense is a nonmonetary cost.
illustrating the relationship between inputs and also the maximum amounts of output that the for sure can produce with this inputs.the quantity of capital.
In the initial step of production, field of expertise and department of job lead to an enhancing marginal product for workers,
allowing workers to concentrate on a few tasks so that they become an ext skilled in ~ doing castle quickly and also efficiently.
What is the difference between the average price of production (ATC) and also marginal price of production (MC)?
Economies of range occurFor which of the following reason(s) may firms experience economic climates of scale?
when a firm"s long-run average expenses decrease v output.A.Firm"s manufacturing may rise with a smaller proportional increase in at least one input.B.Large this firm may be able to purchase inputs in ~ lower expenses than smaller competitors; lock can also borrow money in ~ a reduced interest rate.C.Both managers and workers may come to be more specialized and hence much more productive as output expands.
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Diseconomies of scale isWhat is the main reason the firms eventually encounter diseconomies of range as lock keep boosting the size of their keep or factory?
when a firm"s long-run average costs increase with output.Firms have challenge coordinating production.