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How is the production function of the diminishing marginal product and constant marginal product an investment opportunity and illustrate the set of equilibrium conditions on a graph?
feedback inhibition
What are the managerial uses of production functions?
In microeconomics, a production function asserts that the maximum output of a technologically-determined production process is a mathematical production of input factors of production. Considering the set of all technically feasible combinations of output and inputs, only the combinations encompassing a maximum output for a specified set of inputs would constitute the production function. Alternatively, a production function can be defined as the specification of the minimum input requirements needed to produce designated quantities of output, given available technology. It is usually presumed that unique production functions can be constructed for every production technology. By assuming that the maximum output technologically possible from a given set of inputs is achieved, economists using a production function in analysis are abstracting away from the engineering and managerial problems inherently associated with a particular production process. The engineering and managerial problems of technical efficiency are assumed to be solved, so that analysis can focus on the problems of allocative efficiency. The firm is assumed to be making allocative choices concerning how much of each input factor to use, given the price of the factor and the technological determinants represented by the production function. A decision frame, in which one or more inputs are held constant, may be used; for example, capital may be assumed to be fixed or constant in the short run, and only labour variable, while in the long run, both capital and labour factors are variable, but the production function itself remains fixed, while in the very long run, the firm may face even a choice of technologies, represented by various, possible production functions. The relationship of output to inputs is non-monetary, that is, a production function relates physical inputs to physical outputs, and prices and costs are not considered. But, the production function is not a full model of the production process: it deliberately abstracts away from essential and inherent aspects of physical production processes, including error, entropy or waste. Moreover, production functions do not ordinarily model the business processes, either, ignoring the role of management, of sunk cost investments and the relation of fixed overhead to variable costs. (For a primer on the fundamental elements of microeconomic production theory, see production theory basics). The primary purpose of the production function is to address allocative efficiency in the use of factor inputs in production and the resulting distribution of income to those factors. Under certain assumptions, the production function can be used to derive a marginal product for each factor, which implies an ideal division of the income generated from output into an income due to each input factor of production.
A monopolist will set its production at a level where marginal cost is equal to?
A monopolist will set production at a level where marginal cost is equal to marginal revenue.
Which tools helps a producer set up an efficent systemof production?
A production possibilities frontier graph
What tool helps a producer set up an efficient system of production?
a production possibilities frontier graph
Why is it that If production set is convex then production function is concave?
If the production set is convex, it means that any combination of inputs that produces a certain level of output can be formed by a convex combination of other input combinations. This implies that the production function exhibits diminishing returns to scale, leading to concavity. This concavity arises because as more units of an input are added, the incremental increase in output becomes smaller.
Why do it possible to for a cave?
A real-valued function f on an interval (or, more generally, a convex set in vector space) is said to be concave if, for any x and y in the interval and for any t in [0,1],A function is called strictly concave iffor any t in (0,1) and x ≠ y.For a function f:R→R, this definition merely states that for every z between x and y, the point (z, f(z) ) on the graph of f is above the straight line joining the points (x, f(x) ) and (y, f(y) ).A function f(x) is quasiconcave if the upper contour sets of the function are convex sets.
Is the union of two convex sets a non-convex set?
the union of two convex sets need not be a convex set.
Is Feasible region is necessary to be a convex set?
Yes, in optimization problems, the feasible region must be a convex set to ensure that the objective function has a unique optimal solution. This is because convex sets have certain properties that guarantee the existence of a single optimum within the feasible region.
Why demand curve is convex?
Convex function on an open set has no more than one minimum. In demand it shows the elasticity is linear after some point and non linear on other points.
Is a circle a convex set?
no
Can a convex mirror produce real images?
Yes, but it can be hard to arrange. You need to set up a real image as a virtual object, and make the convex mirror image that. If the rays converge strongly enough, they will still converge after reflecting off the convex mirror.
Is A union B a convex set?
yes
Is an empty half plane still a convex set?
The answer depends on how it is halved. If the plane is divided in two by a step graph (a zig-zag line) then it will not be a convex set.
What are convex polygons?
A convex polygon is one with no reflex angles (angles that measure more than 180 degrees when viewed from inside the polygon). More generally a convex set is on where a straight line between any two points in the set lies completely within the set.
Region enclosed by a circle a convex set?
Yes.
Is a ray a convex set?
no, because it should be a segment .
