cost Accounting full detailsDistinguish between renewable and non-renewable resources.
2- Why is supply of land inelastic
3- What is human capital .
4- What is point of inflection?
5- what is marginal product? At what point marginal product cuts average product
6- what is isoquant and iso cost line.
7- Define increasing returns to scale
8- What is least cost combination of factors
9- what are four factors of production
10 what are reasons behind marginal rate of technical subs
1. 1. What are the general properties of isoquants
2. Discuss law of variable proportion? At which stage a rational producer will operate and why
3. What is Land in factors of production? Explain its features
4. What is return to scale? Explain in detail.
5. What is labour? Explain different characteristics of labour
Q3- Explain in 250 words. (10*
What is production function? Explain its importance in managerial economics.
Answers
Answer:
Returns to scale refers to the rate by which output changes if all inputs are changed by the same factor. Under increasing returns to scale, the change in output is more than k-fold, under decreasing returns to scale; it is less than k- fold. ...
Answer:
Most natural resources, such as coal and petroleum, were formed millions of years ago. Other resources, such as sunlight, were present even before the earth was formed. Regardless, we all are dependent on these resources in some way or the other. These resources are termed as natural resources and are very important for life on earth. Natural resources are classified into renewable resources and non-renewable resources.
Renewable Resources
The resources which cannot be exhausted even after continuous utilization are termed as renewable resources. Examples of renewable resources are the sun, wind, and tidal energy.
Non-Renewable Resources
The resources which cannot be immediately replaced once they are depleted are called Non-renewable resources. Examples of Non-renewable resources include fossil fuels, such as coal, petroleum and natural gas and rare minerals typically found in meteorites.
Now, let us have a look at the major differences between renewable resources and non-renewable resources.
Differences between Renewable and Non-renewable Resources
Following are major differences between renewable and non-renewable resources.
Renewable Resources Non-renewable Resources
Depletion
Renewable resources cannot be depleted over time Non-renewable resources deplete over time
Sources
Renewable resources include sunlight, water, wind and also geothermal sources such as hot springs and fumaroles Non-renewable energy includes fossil fuels such as coal and petroleum.
Environmental Impact
Most renewable resources have low carbon emissions and low carbon footprint