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Why are factors of production important in business?
Factors of production are important in business because managers can improve their position when they know what contributes to production. The type of machinery used in production is a factor in production.
What factors contribute to an increase in supply?
Factors that contribute to an increase in supply include lower production costs, technological advancements, favorable weather conditions, and an increase in the number of producers entering the market.
Why is lac curve u-shaped?
LAC is u shaped due to the law of return to scale. In the long run the law of returns to scale operates. i.e. in the beginning, with the increase in variable and factors factors of production, the returns to scale comes in the rate of increasing.that means with the increase in factors of production, the specialization of factors of production becomes possible resulting higher productivity.
What effect does it make if resources increase in Production Possibilty Frontier?
The effect of increased resources in a production possibility frontier, or PPF, is an imbalance in the graph. Since a PPF is created based on set production factors, the results of the graph would be skewed with an increase in resources unless other production factors were increased accordingly.
What are factors of production name any four factors of production.?
Factors of production
