Question

Assignment Description This is an individual assignment. You will demonstrate your understanding of how short run and long run factors impact production of goods and services. This assignment is worth 4% of your total grade and is due on Day 8. Assignment Steps To complete this assignment: 1. Review the rubric for this assignment. 2. Review content learned on Day 6. 3. Download “Assignment 4 - Question and Answer Sheet.docx” and answer the 4 questions included. 4. Type your answers in the answer sheet. 5. Make sure you use appropriate in-text citation and referencing to avoid plagiarism. 6. Proofread all your answers. 7. Submit the answer sheet to the Assignment 4 Submission Folder. Questions Organizations strive to achieve a standard of production wherein they aim to optimize their output at the minimum cost. This is called economic efficiency. In this process, the production function is impacted by the short run and long run factors. Question 1 Explain the difference between short run and long run. Type your answer here. Question 2 Explain the impact of the following factors on production in the short run. a. Total Product Function (TP) b. Marginal Product of Labour (MP) c. Average Product of Labour (AP) d. Law of Diminishing Returns Type your answer here. Question 3 What are different types of costs involved in production of goods and services? Analyze the relationship between cost and productivity in the short run. Type your answer here. Question 4 Explain the concepts of economies and diseconomies of scale in the long run. Interpret your answer with the help of examples. Type your answer here. References Insert the references you have used here in APA referencing format. write the references.

Assignment Description
This is an individual assignment. You will demonstrate your understanding of how short run and long run factors impact production of goods and services.
This assignment is worth 4% of your total grade and is due on Day 8.
Assignment Steps
To complete this assignment:
1. Review the rubric for this assignment.
2. Review content learned on Day 6.
3. Download “Assignment 4 - Question and Answer Sheet.docx” and answer the 4 questions included.
4. Type your answers in the answer sheet.
5. Make sure you use appropriate in-text citation and referencing to avoid plagiarism.
6. Proofread all your answers.
7. Submit the answer sheet to the Assignment 4 Submission Folder.
Questions
Organizations strive to achieve a standard of production wherein they aim to optimize their output at the minimum cost. This is called economic efficiency. In this process, the production function is impacted by the short run and long run factors.
Question 1
Explain the difference between short run and long run.
Type your answer here.
Question 2
Explain the impact of the following factors on production in the short run.
a. Total Product Function (TP)
b. Marginal Product of Labour (MP)
c. Average Product of Labour (AP)
d. Law of Diminishing Returns
Type your answer here.
Question 3
What are different types of costs involved in production of goods and services? Analyze the relationship between cost and productivity in the short run.
Type your answer here.
Question 4
Explain the concepts of economies and diseconomies of scale in the long run. Interpret your answer with the help of examples.
Type your answer here.
References
Insert the references you have used here in APA referencing format.
write the references.

Added by Elizabeth K.

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