QnA - Dev Library Questions and Answers

Asked by Kapil
Latest Answer: 57 days ago
In: Commerce

Explain two characteristics of perfectly competitive market.

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Asked by Kapil
Latest Answer: 57 days ago
In: Commerce

The production function of a firm is given as Q = L½.K½ Calculate the level of output (Q) when it employees 25 units of labour (L) and 9 units of capital (K).

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Asked by Kapil
Latest Answer: 57 days ago
In: Commerce

What does a firm wish to achieve? What three conditions must hold for a profit maximizing firm in the short-run?

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Asked by Kapil
Latest Answer: 57 days ago
In: Commerce

What is an isoquants? Why are the isoquants downward sloping?

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Asked by Kapil
Latest Answer: 57 days ago
In: Commerce

What is meant by Return to Scale? Give the meanings of various stages of Return to Scale.

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Asked by Kapil
Latest Answer: 57 days ago
In: Commerce

What is monopolistic competition?

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Asked by Kapil
Latest Answer: 57 days ago
In: Commerce

Write down the concept of normal profit.

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Asked by Kapil
Latest Answer: 57 days ago
In: Commerce

What is marginal product of an input?

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Asked by Kapil
Latest Answer: 57 days ago
In: Commerce

Can there be some fixed cost in the long run? Justify your answer.

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Asked by Kapil
Latest Answer: 57 days ago
In: Commerce

Mention any two important factors determining price elasticity of demand.

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