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- Explain the law of diminishing returns. Asap
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- Bob's lawn mowing service is a profit maximizing, competitive firm. Bob mows lawns for $27 each. His total cost each day is $280, of which $30 is a fixed cost. He mows 10 lawns a day. What can you say about Bob's economic and accounting profits in the short run ? A. Economic profits are minus $10 and accounting profits are $20 B.Economic profits are $20 and accounting profits are minus $10 C. None Which one?What is relationship between total revenue (TR) and total variable cost (VC) if the price is less than AVC (is TR greater, less, or equal to VC)?In order to maximize the profit, what decision do you think is the most important one? Can business making zero economic profit, but still keep running? And why? Please provide a business example to explain the concept 'diminishing marginal return'.
