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  • Chapter 03: Question For Review

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    Foisal Mahmud Rownak
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    This document outlines several questions for review related to economics and business concepts. It asks the reader to define key terms like input, output, firm, production, and production function. It also asks the reader to describe the law of diminishing marginal product with an example, differentiate between shortrun and longrun, relate productivity, returns to scale, economies of scale, and scope to human resource management, describe cost concepts related to firm decision making, and differentiate accounting from economic costs. Finally, it asks the reader to explain the term "marginal" and how marginal revenue product and marginal factor cost can determine labor demand.

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    3.Q Review

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    This document outlines several questions for review related to economics and business concepts. It asks the reader to define key terms like input, output, firm, production, and production function. It also asks the reader to describe the law of diminishing marginal product with an example, differentiate between shortrun and longrun, relate productivity, returns to scale, economies of scale, and scope to human resource management, describe cost concepts related to firm decision making, and differentiate accounting from economic costs. Finally, it asks the reader to explain the term "marginal" and how marginal revenue product and marginal factor cost can determine labor demand.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as doc, pdf, or txt
    22 views1 page

    Chapter 03: Question For Review

    Uploaded by

    Foisal Mahmud Rownak
    This document outlines several questions for review related to economics and business concepts. It asks the reader to define key terms like input, output, firm, production, and production function. It also asks the reader to describe the law of diminishing marginal product with an example, differentiate between shortrun and longrun, relate productivity, returns to scale, economies of scale, and scope to human resource management, describe cost concepts related to firm decision making, and differentiate accounting from economic costs. Finally, it asks the reader to explain the term "marginal" and how marginal revenue product and marginal factor cost can determine labor demand.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as doc, pdf, or txt
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    Chapter 03 : Question for Review

    1. Define- input, output, firm, production and production function. 2. Describe law of diminishing marginal product with an example . 3. Differentiate between the concepts of shortrun and longrun. 4. How can you relate the ideas of productivity, return to scale, economy of scale and economy of scope with human resource management? 5. Describe the cost concepts that are related to firm level decision making. 6. Differentiate between concepts of accounting cost and economic cost. 7. What do you mean by the term marginal? How can be the concept of marginal revenue product and marginal factor cost used in determining demand for labour / work force.

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