Which of the following statements is correct? a. A payment for the wear and tear that occurs to capital during the production process is part of necessary product. b. A decrease in the payment to laborers will increase necessary product. c. Surplus product equals total product minus necessary product. d. All of the above are correct. e. Both a and b are correct. f. Both a and c are correct. g. Both b and c are correct. h. None of the above is correct

Q: Shows the lowest possible input costs (combinations of labour and capital) at which different levels…

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A: Factors of production are the resources used by the firms to produce the goods and services in the…

Q: Which of the following is true of fixed costs?   a. Fixed costs can be changed, but it is…

A: Fixed costs are those that do not change with changes in the output level produced. They are the…

Q: MP and MRP and Profit-Maximization Questions: If tacos sell for $2.50, and wage=$12.50, answer…

A: Marginal Product refers to the additional output generated due to employment of an additional input…

Q: 21) A grocery store employs fewer clerks after prices dropped for self-checkout machines used to…

A: substitutes refer to goods, services, or factors of production that can be used interchangeably to…

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A: The Canadian rice producers use a combination of land and labour and try to minimise costs. If the…

Q: 2.The production function shows the relationship between Select one: a. quantity of outputs and unit…

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Q: help please answer in text form with proper workings and explanation for each and every part and…

A: Ans. ) Given that the question is related to the concepts of total product (TP), average product…

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A: The production possibilities curve represents the trade-off that occurs between the different…

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A: The expansion path refers to the trajectory or path along which a firm or producer expands its…

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A: Productivity is the ratio between the output and input quantity of the production process.

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Q: Solve the attachment.

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A: Below are the solutions to questions 5, 6, and 7.

Q: 1. Show and explain the relationship between total product, average product and marginal product.

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A: Y(K,L) = f (K, NA)

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Q: b. quantity of inputs used and quantity of output generated.

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A: "Total product refers to the total output produced by inputs involved in the production process."

Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.