Podcast
Questions and Answers
Which law deals with a production function with one variable input in the short run?
Which law deals with a production function with one variable input in the short run?
In which law can the production be increased only by employing more units of a variable factor, or by keeping the quantities of other factors constant?
In which law can the production be increased only by employing more units of a variable factor, or by keeping the quantities of other factors constant?
Which law examines the production function with one factor variable, keeping the quantities of other factors fixed?
Which law examines the production function with one factor variable, keeping the quantities of other factors fixed?
In which law can the production be increased by increasing the employment of all factors in the same proportion simultaneously in the long run?
In which law can the production be increased by increasing the employment of all factors in the same proportion simultaneously in the long run?
Signup and view all the answers
Which law operates in the long run where all factors are variable?
Which law operates in the long run where all factors are variable?
Signup and view all the answers
What are the three stages described under the law of variable proportions?
What are the three stages described under the law of variable proportions?
Signup and view all the answers
Which law deals with a production function with all variable inputs in the long run?
Which law deals with a production function with all variable inputs in the long run?
Signup and view all the answers
What is the modern approach to the laws of returns?
What is the modern approach to the laws of returns?
Signup and view all the answers
What does the law of variable proportions explain?
What does the law of variable proportions explain?
Signup and view all the answers
'The factors which can be easily increased or decreased are known as?'
'The factors which can be easily increased or decreased are known as?'
Signup and view all the answers
What does the term 'production' refer to?
What does the term 'production' refer to?
Signup and view all the answers
How can the production function be expressed?
How can the production function be expressed?
Signup and view all the answers
What are the factors of production?
What are the factors of production?
Signup and view all the answers
What is the aim of production?
What is the aim of production?
Signup and view all the answers
What does the production function analyze?
What does the production function analyze?
Signup and view all the answers
How is the state of technology represented in the production function?
How is the state of technology represented in the production function?
Signup and view all the answers
