Making a production function.

1. Explain what is meant by a production function.
2. Distinguish between returns to scale and returns to a factor.
3. Create a graphical analysis of the cost-minimizing input mix and explain how it
is affected by changes in relative prices of inputs.
4. Define and describe the relationship between total, marginal, and average costs.
5. Describe the connection between production and cost functions.
6. Distinguish between short- and long-run costs curves.
7. Define fixed and variable costs and their role in decision making.
8. Explain long-run costs, sources of economies and diseconomies of scale and
scope, and the notion of minimum efficient scale.
9. Explain why MR = MC at the profit-maximizing output.
10. Understand how many units of a factor (such as labor) a firm should purchase
at different factor prices.

Sample Solution

e Sport, and Attachment to the Team. Inside helpers had the best effect on sport customer conduct. Therefore, these segments must be centered around and strengthened. In spite of the way that achievement and accomplishment can’t be controlled, various components, for instance, association with the gathering or the game can be strengthened with careful masterminding. Game patrons are endorsed to revolve around inward and mental components, in light of the fact that these parts explain the most raised distinction in usage lead. The disclosures of this paper showed that outside sparks altogether influenced game utilization. In any case, outer sparks had no basic effect on the buyer conduct of the respondents who followed the game by means of the radio or TV and knew about the entertainment. The fourth fragment follows the game because of the strong effect of interior inspirations and isn’t influenced by outside helpers. It makes the feeling that spectators must be encouraged to get information about a specific game (b-ball or volleyball) remembering the ultimate objective to have progressively noticeable motivation to go to the occasions, for nonattendance of information is a champion among the most fundamental goals of investment in games. Despite inspirations, satisfaction is apparently a determinant of game shopper conduct moreover, support.

The results exhibited that outer helpers are not as practical as interior inspirations in sport customer conduct. Regardless, sport promoters must compensation notice to both inward and outer helpers, since littler the effect size of outside sparks may have been impacted by the measurement characteristics of the masses or the qualities of the games. In a relative research with a substitute masses and on different games, outside inspirations may accept a more essential part than inward helpers.

outside inspirations, for instance, amusement, diversion decisions, and member sport choices don’t seem to apply. In any case, cost, stopping, and area region had no gigantic effect on sport customer conduct. This could be credited to negligible exertion of transportation, basic section to the arenas, satisfactory strategies for transport, and sufficient parking space in many urban areas.

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