Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 13, 2024

explain why if the production function is such that if we double inputs output doubles, markets are competitive, and firms maximize profits economic profits should

explain why if the production function is such that if we double inputs output doubles, markets are competitive, and firms maximize profits economic profits should be zero.

i dont quite understand the relation. plz explain it in detail.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using Excel For Principles Of Econometrics

Authors: R Carter Hill, Genevieve Briand

4th Edition

1118032101, 9781118032107

More Books

Students also viewed these Economics questions

Question

★★★★★

Carter owns 1,200 shares of Echo Corporation stock. He purchased 400 shares of the stock on December 23, 2009, for $48,000, and the other 800 shares on October 31, 2010, for $84,000. On August 14,...

Answered: 1 week ago

Question

★★★★★

What is VoIP?

Answered: 1 week ago

Question

★★★★★

The DoorRed pharmacy has 25 retail outlets in the Chicago region. The current policy is to carry every drug in each retail outlet. DoorRed is investigating the possibility of centralizing some of the...

Answered: 1 week ago

Question

★★★★★

explain why if the production function is such that if we double inputs output doubles, markets are competitive, and firms maximize profits economic profits should be zero. i dont quite understand...

Answered: 1 week ago

Question

★★★★★

The three operations are collectively referred to as update operations are Inserting data, deleting data, and modifying data. True False

Answered: 1 week ago

Question

★★★★★

2. A test has two portions: verbal and math. The scores for each portion are positively correlated with a correlation coefficient of 0.55. A scatter diagram of the scores is football shaped. Scores...

Answered: 1 week ago

Question

★★★★★

This module aims to teach you to break down many engineering or everyday life processes into smaller problems. Models can then be created based on conservation of mass, momentum and energy (heat)....

Answered: 1 week ago

Question

★★★★★

You are performing an earned value analysis (EVM) on your 28-week project. The project was scheduled to be 50% complete at this time. You have finished 14 of the 32 deliverables (all of equal value)....

Answered: 1 week ago

Question

★★★★★

13. Which stress value(s) will be nonzero at location J? A. Ozz B. Oyy X C. Ozz D. y E. Ozz F. Oyz X y A M Cross Section at A-A Y Z A B 0/1 points

Answered: 1 week ago

Question

★★★★★

Question on setting up supplier records(Q=115.F.M.CS.S.Q1) After you have finished setting up the supplier records for Hi-Fi Way, Edgar asks you to perform the following steps in MYOB and then...

Answered: 1 week ago

Question

★★★★★

What is occurring in this case and identify the parties affected by events reported in the case.

Answered: 1 week ago

Question

★★★★★

What are the key HR considerations for operating in such an industry?

Answered: 1 week ago

Question

★★★★★

Begin by a specific definition of the fast-food industry in a geography of your choice.Explain the rationale of your choice.

Answered: 1 week ago

Previous Question Next Question