(Answered) Explain the link between factor productivity and variable

Economics

Explain the link between factor productivity and variable costs. Use the example of labour productivity to illustrate the following:

If the average variable cost curve is U-shaped, what does this imply about average labour productivity?
What assumptions do we have to make about the nature of production in the short run in order to arrive at U-shaped average cost curves?

Can we draw any conclusions about marginal productivity and costs from the shape of their associated average curves?

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M92415437
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Business Economics

What are the implications of the shift from medical care to

What are the implications of the shift from medical care to the focus on overall health conditions?

Explain the key differences between the virtual value chain

Explain the key differences between the virtual value chain and a physical value chain. How can firms exploit the virtual value chain to gain a competitive advantage

As noted in chapter 14 of aampa distribution of income

As noted in Chapter 14 of A&A, distribution of income among various population groups followed roughly the same patterns in the USA, Sweden, and the former Soviet Union, despite the very different forms of economic organ ...

The researchers stated that there were no significant

The researchers stated that there were no significant differences in the baseline characteristics of the intervention and control groups. Are these groups heterogeneous or homogeneous at the beginning of the study? Why i ...

How would you explain the concept of a quality adjusted

How would you explain the concept of a quality adjusted life year? When is it appropriate to use "QALYs" instead of simply improved life expectancy as the outcome measure in an economic evaluation?

A federal agency responsible for enforcing laws governing

A federal agency responsible for enforcing laws governing weights and measures routinely inspect packages to determine whether the weight of the content is at least as great as that advertised on the package. A random sa ...

Calculate the size of the surplus or shortage of hours

Calculate the size of the surplus or shortage of hours created by the imposition of the minimum wage ($19) Related info: Assume that the market for unskilled labour in Australia is a competitive market and can be describ ...

Consider the following production function that is already

Consider the following production function that is already written in per worker terms: y = Akαh 1-α where h represents human capital per worker. Suppose we are given the following information: capital per worker in an e ...

A bank credit card offered to 500 households the responses

A bank credit card offered to 500 households; the responses to the offer are as follows. income $50,000 accept offer 50 40 Reject offer 250 160 What is the probability of the offer being accepted or income being > $50,00 ...

Suppose that the demand curve for a businesses is given by

Suppose that the demand curve for a businesses is given by P= 10000-4Q^3 and supply is P= 2000 + 4Q^3 a. Find the equilibrium price and quantity b. Calculate consumer surplus at the equilibrium price c. Calculate produce ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert