What do we assume to be the goal a typical firm in the production model pursues? A. Maximized profits B. Maximized social welfare C. Highest wage to be paid D. Social justice
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What do we assume to be the goal a typical firm in the production model pursues?
A. Maximized profits
B. Maximized social welfare
C. Highest wage to be paid
D. Social justice
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Solved in 2 steps
- The most efficient scale of production is where at which point?The Norway spruce trees that are grown in Christmas tree farms are considered? A. Land B. Capital C. Entrepreneurial ability D. LaborRecall an issue or situation indicating that production is relevant to making everyone better off. Explain answer.
- Explain Theory of production, and Theory of cost. Analyze the business, using at least a two-dimensional graph and pie chart or bar chart for illustrations. Let us say you adopt the demand/supply theories. Then tell us about demand/supply of one of the business’ products over a range of product prices, letting us know the strengths and weaknesses of the product and steps to improve its competitiveness.Why the producer prefers stage 2 in production process.University Intermediate Microeconomics, Theory of Production
- 1. Think about a business producing bottled spa water. Identify some examples of the four factors of production which are necessary to produce the output of that business.Which of the following statements do you think reflect sound economic thinking? Explain your answer. “I paid $1,800 for this economics course. Therefore, I’m going to attend the lectures even if they are useless and boring.” “Because we own rather than rent, and the house is paid for, housing doesn’t cost us anything.” “I own 100 shares of stock that I can’t afford to sell until the price goes up enough for me to get back at least my original investment.” “Private education is costly to produce, whereas public schooling is free.How many units of labor and capital should be purchased to maximize production? What is the maximum number of units of production?
- Explain the difference between simple commodity production and capitalist commodity production.University Intermediate Microeconomics,Production TheoryIn economics, what is the law of diminishing marginal returns? A. The tendency of firms to minimize production costs B. The observation that as additional units of a variable input are added to fixed inputs, the additional output diminishes C. The relationship between inflation and unemployment D. The impact of government regulation on business operations