# 7.3 The structure of costs in the long run  (Page 22/26)

 Page 22 / 26
• Card 22 / 26:
constant returns to scale

expanding all inputs proportionately does not change the average cost of production

• ## Keyboard Shortcuts

 Previous Card ← Previous Card Button Next Card → Next Card Button Flip Card ↑ / ↓ / Return / Space

Concept of opportunity cost ?
Opportunity cost is the next best alternative foregone when making the choice of our wants.This concept came as a result of limited wants and unlimited resources to satisfy these wants
Muafue
income and substitute effect
income and substitute effect
Shivani
کیا پوچھنا ہے ؟ کچھ سمجھ نہیں آرہا
Saif
in micro economics
Shivani
what are the causes of scarcity
meaning of economc system
Herieth
what is oligopoly?
Mini
a
zakir
oligo Means Few and poly Means sellers. A market which have A few sellers. limite 2to7 or 2 to10. e.g. telecome company
zakir
only few firms account for large number of products
Ali
and barriers to entry
Ali
An oligopoly is where there is a few number of firms that are in competition. Emphasis placed on few firms. these firms will dominate the market. An example of this type of market could be cellphone markets.
Kayla
What is the difference between production lsoquant and production lsocost
Sarah
Isocost curve is a producer's budget line while isoquant is his indifference curve. Isoquant is also called as equal product curve or production indifference curve or constant product curve. Isoquant indicates various combinations of two factors of production which give the same level of output per
Mini
what is the price discrimination?
abdullah
In a typical market, the demand and supply functions are defined by Qd= a-bp and As=-c + dp. IF the government interferes with the market by imposing taxes and subsidies determine the outcomes of these policies by means of matrix algebra.
Sarah
Price discrimination; That is to charge differently between customers for the same product or service. ok, i.e. suppose a lady goes to theater with her son and her son happens to be charged relatively lower than what she will pay for. So same service, but different pricing based on "age".
Christoef
what are the principle of economics
The question is not straight
Muafue
How do you manage the exchange rate between local and foreign currency
Florence
How does the exchange rate impact production in developing countries
Florence
The appreciation promotes imports substitutions production but devaluation promotes exportable production .As LDCs have unelasticity production factors the devaluation would likely promote the nontradeable goods sector.
wael
what if there's no intervention in an Economy where there is increase in money supply
Florence
What is economic problem?
economic problem basicaly three types whom to produce, what to produce , How to produce you have called choice of commodity also it called central problem of economic
what is economics? Define
A science that studies about human behavior as a relationship between ends and scarce means that have alternative uses,all other things being equal
Oduro
the management and effective use of limited resources to acheive maximum satisfaction of human material wants
Lesedi
is the study of mankind in ordinary business of life by marshall
Herieth
what is decision making
Q=6L-0.5L^2 where Qis no. of car washed and L is the no. of labours. P of each wash is 500 rs and wage =500/labour .as a rational person how many labour will we hire.
given Q¢y=500-0.5Py-2.3pw+0.2Px+0.000001Pz+0.0037i provided that ;Py=30000:Qy=15000; income=60000 1•find price elasticity 2•income elasticity of demand 3•interpret your results 4•from income elasticity of demand what type of product would (y )be{luxury or necessity good}
Price elasticity= dQd/dP * P/Q
The
PW is= what
The
determinants of demand
low of supply and demand
Arti
taste and preferences consumers income price of related goods number of buyers
Lesedi
pls can you make all the defination to be in an orderly manner in demand and supply
Demand refers to the quantity of goods and services consumers are willing and able to purchase at each conceivable price at a given time period.
Abraham
supply is the quantity of goods producers are willing and able to make available for sale at each possible price in a given time
Lesedi
please what is decision and choice making and how relevant is the concept of choice to household and government
choice can help you go in for more cheaper good for example you go to a store to buy chocolate you notice it cost 100 then you decide to go to another you see that chocolate cost 75 so you decide or choose to buy were is more cheaper
Fule
Fule
Processes to long run equilibrium under monopolistic competition