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Draw a curve of diminishing returns with technological advances
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- In economics, what is the law of diminishing marginal returns? A. The tendency of firms to minimize production costs B. The observation that as additional units of a variable input are added to fixed inputs, the additional output diminishes C. The relationship between inflation and unemployment D. The impact of government regulation on business operationsLaw of diminishing returns......The law if diminishing marginal returns is the rate at which one input maybe substituted for another input in the production process? True False
- What happen to salaries and wages when you are in a production/manufacturing business that you want to operate on and on for many production cycles? a. it will either be a variable and/ or fix cost b. it becomes fixed cost c. It becomes variable cost d. it is an operating expense When there are 3 indifference curves in a graph, what ideal point is desired? a. a point where budget and satisfaction coincides with each other b. a point that is within the highest budget line c. point that is within the highest indifference curve d. the point where there is satisfaction yielded An example of business that is servicing a captive consumers as there is an absence of choices to serve them. a. Duopoly b. Monopsony c. Monopoly d. OligopolyPlease explain why the law of diminishing returns applies only in the short-term period.What is a production function? Response option group It is the production technology It is the relationship between inputs and the level of production It is the average product It is the marginal product
- The table below shows the weekly relationship between output and number of workers for a factory with a fixed size of plant. P= 10$: w=100$ a) Calculate the marginal product of labor. b) At what point does diminishing returns set in? C) Calculate the average product of labor. D) Find out optimum level of variable input usageA firm analyzes the effects of raising its current level of output and finds that doing so will cause its average total cost to increase. If the firm pays both fixed and variable costs of production, which of the following must be true? (Check all that apply) A. The effect of average variable cost increasing dominates the effect of average fixed cost decreasing B. The marginal cost is greater than the average total cost C. The marginal cost curve is less than the average total cost D. The effect of average fixed cost decreasing dominates the effect of average variable cost increasingThe best example of a marginal change is A change in anybody's income for a long time A change that happened a year ago and can happen this year again A change that is large and permanent A small incremental or decremental change from one step to the next A change that happens multiple times
