or graph presenting the maximum amount of a commodity that a firm can produce from a given set of inputs during a period of time. The concept of production function portrays the ways in which the factors of production are combined by a firm to produce different levels of output. More specifically‚ it shows the maximum volume of physical output available from a given set of inputs or the minimum set of inputs necessary to produce any given level of output. The production function comprises an engineering
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rise of big businesses and the widespread use of mass production. In fact‚ large businesses can often produce goods and services more cheaply than small businesses. This benefits consumers because lower costs enable firms to reduce the prices they charge‚ without reducing their profits. Big businesses were able to reduce their cost by using techniques of mass production‚ which enabled firms to produce a large number of products (Units) at a lower cost per unit. A business firm has got two kinds of
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to get rid of unwanted characteristics or to make wanted new ones. Genetic engineering is used to increase plant and animal food production. It is also used to help dispose of industrial wastes‚ to diagnose disease‚ improve medical treatment‚ and produce vaccines and other useful drugs. Genetic engineering techniques include the selective breeding of plants and animals‚ and hybridization‚ which is the reproduction between different strains or species. The first known genetic engineering technique
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Genetically modify organisms? Genetically modifying organisms works just like an advanced form of cut and paste. During genetic modification‚ DNA is taken from and unrelated plant‚ animal or bacteria and inserted into a different organism to get it to produce the desired traits. The DNA is“cut” from one organism and “pasted” into and unrelated one. The two main traits or reasons crops are genetically engineered is for Herbicide tolerance‚ which lets the farmer spray weedkillers directly
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that effects wants changing overtime include age‚ income‚ technology and fashion. * Resources are used in the production process to produce goods and services. * The four factors of production are: * Land: natural resources create rent. * Labour: human effort in production and creates wages. * Capital: refers to goods that are used to produce more goods and services in the future and creates interest. * Enterprise: ability of entrepreneurs to take risks in organising other
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and male reproductive systems share many similarities and many differences. . Each system has different parts‚ problems and care. Each system has different purposes‚ the male reproductive system’s function is to produce sperm‚ while the female reproductive system’s function is to produce ova‚ store ova and house a fertilized egg. The effects of various hormones modulate both. Some of these include gonadotropin-releasing hormone‚ follicle-stimulating hormone‚ and luteinizing hormone. The female
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can produce 40 pies OR 400 cakes‚ whilst Liam can produce 100 pies OR 200 cakes. a. Calculate Kim’s and Liam’s opportunity costs of producing one pie. Kim’s opportunity cost of producing a pie is 400/40 = 10 cakes per pie. Liam’s opportunity costs of producing a pie is 200/100 = 2 cakes per pie b. If Kim and Liam spend 30 minutes of each hour producing pies and 30 minutes producing cakes‚ how many pies and cakes does each of them produce? Kim produces 20 pies and 200 cookies. Liam produces 50 pies and 100 cookies
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productivity differences. Suppose Canada and Japan produce two types of goods: agricultural goods‚ such as wheat‚ and manufactured goods‚ like cars. In Canada it takes a worker 1 day to produce a ton of wheat‚ and 2 days to produce a car‚ while in Japan it takes 3 days to produce a ton of wheat and 1 day to produce a car. Canada has a comparative advantage in the production of wheat‚ so with free trade Canada will produce and export wheat and Japan will produce and export cars. (20) (a) Suppose the
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is profit motive so free market economies allocate their resources more efficiently as compared to planned economy. Decisions about what to produce are made by the people who will actually consume the goods. Planners are less likely to make the correct decisions across the whole economy. 2.Choice.In free market consumer sovereighnty prevails. Firms will produce whatever consumers are prepared to buy not what they think they think they would like to buy.As consumer needs are going to be met with appropriate
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contraction of the smooth muscle in the gut wall to push food along b) the secretion of bile into the small intestine when a fatty meal is eaten c) the churning movement of the stomach to mix its contents d) the rhythmic contractions of the diaphragm to produce hiccups 2. Arrange the following parts of the digestive system in the order in which food passes through on the way from the mouth to the anus. Esophagus‚ stomach‚ small intestine‚ colon‚ pharynx‚ caecum‚ rectum‚ 3. Match the region of the
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