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Hello! Can you please help me with my homework? Thanks! 1. Why is the production function best captured by a non-linear graph?

Hello! Can you please help me with my homework? Thanks!

1. Why is the production function best captured by a non-linear graph?

2. Explain the existence of economies of scale and diseconomies of scale.

3. What's the difference between an economic profit and a normal profit? Why is marginal cost = marginal revenue a profit maximizing condition?


Thank you!



Top Answer

  Why is the production function best captured by a non-linear graph? Production function best captured by a non-linear... View the full answer

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Other Answers

1. does  not  contradict the "law of diminishing returns, 2.An analysis of  economies  and  diseconomies of scale... View the full answer

1 comment
  • How does it not contradict the law of diminishing returns? :)
    • anneleigh1208
    • Aug 16, 2016 at 12:22pm

A production function is a mathematical and sometimes graphical way to measure the efficiency of production by considering... View the full answer

Attached is a detailed explanation... View the full answer

production function.docx

Production function
A creation capacity demonstrates the relationship between inputs of capital and work and different
elements and the yields of products and administrations.
In macroeconomics,...

1 comment
  • best grades
    • terrytracy10
    • Aug 16, 2016 at 12:46pm

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