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Earn 100

Explain the concept of a production function.

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Important Questions on Production and Costs

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Economics>Microeconomics>Production and Costs>Production Function and its Types
Why is the money supply called 'high powered' when issued by the central bank?
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Economics>Microeconomics>Production and Costs>Production Function and its Types
What does 'fiat money' refer to?
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Economics>Microeconomics>Production and Costs>Production Function and its Types
What is the marginal product of an input?
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Economics>Microeconomics>Production and Costs>Production Function and its Types
What is the role of the central bank in money supply?
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Economics>Microeconomics>Production and Costs>Production Function and its Types
What is the primary function of money?
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Economics>Microeconomics>Production and Costs>Production Function and its Types
Given a firm's short-run marginal cost schedule and total fixed cost, how can you find the TVC, TC, AVC, and SAC schedules?
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Economics>Microeconomics>Production and Costs>Production Function and its Types
For the production function \(Q = 2L^2K^2\), how would you determine the maximum possible output with given units of labour and capital? What happens if one input is zero?
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Economics>Microeconomics>Production and Costs>Production Function and its Types
What is the law of variable proportions?
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Economics>Microeconomics>Production and Costs>Production Function and its Types
Given the production function \(Q = 5L^{ rac{1}{2}}K^{ rac{1}{2}}\), how would you calculate the maximum possible output with specific units of labour and capital?
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Economics>Microeconomics>Production and Costs>Production Function and its Types
What is the law of diminishing marginal product?
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Economics>Microeconomics>Production and Costs>Production Function and its Types
What is meant by 'high-powered money'?
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Economics>Microeconomics>Production and Costs>Production Function and its Types
What is a major drawback of the barter system?
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Economics>Microeconomics>Production and Costs>Production Function and its Types
How do commercial banks create money?
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Economics>Microeconomics>Production and Costs>Production Function and its Types
How can you calculate the total and average product schedules of labour from the marginal product schedule, given that the total product is zero at zero level of employment?
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Economics>Microeconomics>Production and Costs>Production Function and its Types
What is the average product of an input?
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Economics>Microeconomics>Production and Costs>Production Function and its Types
What is the 'cash reserve ratio' (CRR)?
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Economics>Microeconomics>Production and Costs>Production Function and its Types
Explain the concepts of the short run and the long run.
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Economics>Microeconomics>Production and Costs>Production Function and its Types
Explain the relationship between the marginal products and the total product of an input.
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Economics>Microeconomics>Production and Costs>Production Function and its Types
What is the total product of an input?
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Economics>Microeconomics>Production and Costs>Production Function and its Types
What is a 'repo rate'?