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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.
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
What determines the amount of output an economy produces?
The factors of production and the production technology determine the economy's output of goods and services. An increase in one of the factors of productionor a technological advance raises output.
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.
Which of the four factors of production must be prioritized?
The four factors of production (land, labor, capital and entrepreneur) must all present if you wish to improve the economic level of production.
How would the quality of education increase affect the location of a country's production possibilities curve?
the quality of education that increases will improve the human capital which is one of the factors of production. therefore, the pp curve will shift outwards against potential growth.
Why LAC is 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.
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
Will cross breeding increase number of cows that produce same amount of milk?
No. Crossbreeding is simply a means to improve the characteristics of the offspring to improve milk production, not maintain it.
What determines the amount of output an economy produces?
The factors of production and the production technology determine the economy's output of goods and services. An increase in one of the factors of productionor a technological advance raises output.
How employees participation helps to improve productivity of the organization?
since they were employees definately they will play their role to increase the production of the organization
What is yield analysis?
Yield analysis is a process used in manufacturing to assess and improve the production yield of a process, identifying factors affecting the output and implementing measures to optimize it. By evaluating the reasons for product defects or failures to meet specifications, yield analysis aims to increase efficiency and reduce waste in the production process.
Define factors of production?
Factors of production are the inputs for the production process. Three basic factors of production are land, labor, capital and entrepreneurship.
