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Author Question: Although capital is a variable factor in the long run, once chosen, it often becomes a fixed factor ... (Read 17 times)

xman15.

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on: Oct 12, 2022

Question 1

A very-long-run consideration that could change a firm's production function is
◦ diminishing returns.
◦ an improvement in education that increases the quality of the economy's labour force.
◦ increasing returns to scale of operation.
◦ size of the plant.
◦ rising cost of the factors of production.

Question 2

Although capital is a variable factor in the long run, once chosen, it often becomes a fixed factor for a long time. A profit-maximizing firm must therefore select a method of production that is
◦ economically efficient at current factor prices and sufficiently flexible to adapt to changing factor prices over time.
◦ economically efficient at current factor prices.
◦ technologically advanced beyond methods currently used.
◦ adaptable to wide ranges of output over time.
◦ labour intensive, as labour is always a variable factor.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by xman15. on Oct 12, 2022

feiojef

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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xman15.

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Reply 2 on: Oct 12, 2022
Thanks for the timely response, appreciate it

chjcharjto14

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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