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Usually, the demand curve for all the factors responsible for production is sloped downwards.This is similar to the demand curves which are a direct result of the overall production process.
Factor demands, however, are dependent on an external element like the level of output from the firm as well as the inputs of all the costs. Here is some demand for a factor input when only one input is variable homework help. Our experts are always with you!
Analyzing the various facets:
In order to successfully analyze all of the factor demands, we need to know the procedure by which a firm takes care of all the production units at its disposal. In order to do so, there are certain assumptions to be made. Here are some of them:
- Let there be 2 inputs produced by the firm: The capital K, The labor L
- Let the Purchase price be R
- Let the wage rate be W
- We make another assumption that the organization has all the required plants and parts in place
When dealing with demand for a factor input when only one input is variable assignment help, you will definitely find that these assumptions have been made at some point in time or the other. They are extremely important for calculations and progress cannot be made without them.
Net, we need to know the exact value of the MRP involved in this. For instance, if you are getting some demand for a factor input when only one input is variable homework help to solve a problem that involves a firm hiring a given number of workers. As such, the total revenue obtained from the increase in number of labour units needs the involvement of MRP which by the way, will be at least as large as W (i.e. the wage rate).
The total marginal revenue can be calculated to be to be equal to (A*R)/(A*L). Here, L denotes the total quantity of labor units. Also, keep in mind certain other relations which are also equally important. Here are some of them:
- M*P*L= (A*Q)/(A*L)
- M*R = (A*R)/(A*Q) where Q denotes the output
- As such, M*R*P = (A*R)/(A*L) = [(A*R)/(A*Q)][(A*Q)/(A*L)] = (M*R) (MPt)
So these are the basic formulas that you will get to see when dealing with any sort of demand for a factor input when only one input is variable homework help on our site.
Getting help from us at myhomeworkhelp.com
If you are intent on learning the greater details involved in this topic, you can always check out the various demands for a factor input when only one input is variable assignment help sheets that are present on our website. But that’s not all; we also have teachers who can give you some notes and lectures regarding this topic.
If you feel that you have doubt regarding a particular area of the topic, you can always ask get your queries answered with the help of these teachers, who are there to help you in any manner possible. So feel free to ask and feel free to visit myhomeworkhelp.com at least once.