what is meant by the phrase, " the object of all true education is not to make men carpenters, it is to make carpenters men"?

Q: What is the difference between sunk cost and fixed cost? Explain with examples.

A: Sunk costs and fixed costs are two kinds of expenses borne by a corporation in the different…

Q: If the government says that firm X must pay 50000 in taxes simply because it in the business…

A: In a market, government imposes different types of taxes on different products and services based on…

Q: What's the answer for letter C and D

A: c) If 10% of the borrowers from happy bank default that means this amount of bank loan is now…

Q: What do you mean by 'production function"?

A: A production function is an economic concept that represents the relationship between inputs and…

Q: What are the fixed and variable cost?

A: Fixed costs are that cost which remains same and incur even when there is no production.  Variable…

Q: Which expression is another way of saying "marginal cost"?                Scarce resources…

A: Marginal cost is the increment in total cost for producing additional units of a commodity. It is…

Q: Define the term Manufacturing Costs?

A: Cost is the monetary value expended by a company to produce goods and services and to carry out its…

Q: How are economies of scale achieved in labor? Please answer in own word

A: Companies take pleasure in economies of scale as their producing becomes a lot of productive.…

Q: What are two examples of variable costs?

A: Variable costs depends on the level of output being produced by the firm.

Q: What is another term for marginal costs

A: Marginal cost refers to the additional cost incurred by firm or a producer when one additional unit…

Q: Units of Total Marginal Product Average Product Labor Product of Labor of Labor 4 16 ? 120 30

A: Average product = Total product / number of labors

Q: How does labor influence marginal product? There's the saying "the more the merrier," but is this…

A: Marginal Product of labor increases with decreasing rate. Marginal Product of Labor(MPL) is a change…

Q: Number of workers 0 4 8 12 16 Number of motorcycles per year 0 9 16 21 23

A: The function exhibiting the relationship between the physical inputs and the final output is known…

Q: Please Can you work on the diagrams. I cannot view the diagrams for the answers provided

A: In this case, we have to draw the indifference curve of Felice where indifference curve actually…

Q: What economic factor explain the marginal product and average product of labour curve

A: Marginal product is the ratio of change in total product to change in quantity. Average product is…

Q: Mention some of the important advantages and disadvantages of the small scale production?

A:

Q: What is the economies of scale of General Motors?

A: The advantages of cost which is being obtained by the enterprises being solely due to their scale of…

Q: 1. What is labor cost?

A: Cost refers to the expenditure incurred by the producer in producing given amount of goods. It…

Q: Give an quantitative example of marginal and average cost.

A: Average cost is the equivalent of total fixed cost (TFC) and total variable costs (TVC) divided by…

Q: What is theoretical relationship between Marginal Cost and Average cost

A: Costs refer to the amount of money that the firms need to give up in order to perform certain…

Q: What is the difference between Analytical and Synthetic process of production? Give examples.

A: Analytical process of production deals with parts of production. Synthetic process of production…