Exam papers, notes, holiday assignments and topical questions – all aligned to the Kenyan curriculum.
List the assumptions of the Theory of a Firm.
Answer Attachments
Next: Draw a simple flowchart diagram showing: IF….THEN…. selection
Previous: Define the term equilibrium of a firm
View more Production Economics Questions and Answers | Return to Questions Index
List the fundamental proposition for the Theory of a Firm.
Date posted: April 16, 2019 . Answers (1)
Define a firm.
When do all the firms in a competitive industry achieve long run equilibrium?
With the aid of a graph,show the short run profit maximizing position of a purely competitive firm.
Explain the Equilibrium of a Competitive Firm.
What is the importance of the law of variable proportions.
What are the three phases or stages of production, as determined by the law of variable proportions?
Explain the Law of diminishing returns and the three stages of production.
List the assumptions of the law of variable proportions also called the law of diminishing returns.
Briefly discuss the production function-stages
List the important attributes of production function.
List the factors in which production function depends.
Explain what the production function expresses.
Explain what a production function describes.
Explain the meaning of production.
List the goals of of Production Economics
Define Production Economics