Marginal product curve, mathematically is the slope of which curve?

Q: What is marginal product, and what does it mean if it is diminishing?

A: The marginal product is determined by the change in total output as one additional input is used in…

Q: When the marginal product curve is downward sloping, the average product curve? 1. might be either…

A: Average product curve indicates the per unit output at each level of input variable. MP indicates…

Q: Among the three stages of production, until what point should one produce considering the law of…

A: The law of diminishing marginal product explains the three stages of production that is applicable…

Q: Comment on the relationships of Total, Marginal and Average Product

A: Production theory is very important in the determination of price theory. This is so because it is…

Q: Graphically illustrate a total product curve. b. Explain why it is shaped as it is.

A: A total product curve explains the the relation between the total amount of labor and total amount…

Q: What is the relationship between marginal product and marginal cost?

A: The firms, and businesses tend to operate in the markets, where they supply various goods, and…

Q: Why can the distinction between fixed costs and variable costs be made in the short run?

A: Understanding the difference between fixed costs and variable costs is important for settling on…

Q: 3. For each graph given below is it possible that the solid curve is the short-run average cost…

A: Cost curve: A cost curve is a graph of production costs  as a function of total quantity produced.…

Q: Which of the following is not a variable cost at the sandwich shop? O Cost of labor

A: We have to find which is not a variable cost at the sandwich shop.

Q: A production function is represented by P=f(L), where L is labour. As input L increases, the total…

A: Marginal product is the addition in total product when one more unit of variable factor is employed.…

Q: Distinguish between the fixed costs and the variable costs?

A: Cost represents the value of goods and services which are charged by the producers and the amount…

Q: Make a sketch of Lin’s short-run cost curves

A: Short-run cost curve represents the cost incurred by the producer by producing each quantity of…

Q: hat is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why…

A: Marginal product refers to an addition to the total production by producing an extra unit of output.…

Q: Define and explain the difference between short run and long run and identify the relationship…

A: Short-run average cost curves: In the short run, the shape of the average cost curve is 'U' shaped.…

Q: How would you calculate average product? How would you calculate marginal product?

A: The average product (AP) is the total output or production in units divided by the total input used…

Q: How does the marginal product curve behave when there are diminishing returns to a factor. Give…

A: # Marginal product is the additional value added to total product with one more unit of labor taken…

Q: Hi, I am studying chapter 11 from Microeconomics 21st edition. I am still confused about a certain…

A: The marginal cost curve of a firm cut the average total cost curve at its minimum point. In initial…

Q: a= min[x,y]^(1/2) a)Draw isoquants for a = 1, a = 4 and a = 9. b)What kind of returns to scale does…

A: Production refers to the process of using inputs to make useful output. The functional relationship…

Q: TUse the table below to answer the following questions. Assume that fixed costs are $100 and labor…

A: Given: Fixed cost = $100 Labor cost per unit (variable factor cost per unit) = $80

Q: What is the impact of a fall in productivity on costs. Explain further.

A: The primary aim of the business is to maximize the profit and reduce the cost. The efficiency of the…

Q: With the aid of diagrams,explain the stages of production,outlining the relationship between total…

A: Production function demonstrates the output level that can be produced/manufactured by employing…

Q: What economic factor explain the marginal product and average product of labour curve

A: Marginal product is the ratio of change in total product to change in quantity. Average product is…

Q: Why might marginal product be increasing at lower levels of output and decreasing at higher levels…

A: Marginal product (MP) is the extra output produced by one additional unit of input or raw material…

Q: Explain what is meant by and what causes "Diminishing Marginal Product". Why is it only relevant in…

A: Marginal product refers to the increase in outpit resulting from employing additional units of…

Q: What is the law of diminishing marginal product, In which stages of production it manifest and What…

A: According to the rule of decreasing marginal returns, any manufacturing process will reach a point…

Q: At point "C" in the above figure: Marginal product of labor is positive and rising. Marginal product…

A: From the figure, we can conclude that,

Q: What is the distinction between the laws and of returns and the returns to scale?

A:

Q: What is the difference between decreasing returns to scale and diminishing marginal product?

A: Meaning of Law of Variable Proportions: The term law of variable proportions refers to the…

Q: Give relation between average product and marginal product.

A: Average Product is the total product per unit of output. Average Product =Total ProductOutput…

Q: Define fixed and variable costs of production. Why do you think bigger firms may have a lower…

A: 1. Variable costs tend to vary based upon the amount of output being produced. They include…

Q: If the marginal product equals the average product, we are at the ____. point of the ____ curve.

A: The output produced by the firm with the given resources in a particular time period is known as the…

Q: Refer to the graph shown. Within which section(s) of the production function is marginal product…

A: Here, the given graph shows the production function of a firm to explain the different phases of the…

Q: What is the difference between marginal product and marginal cost?

A: The marginal product is the additional output produced by an additional unit of input in the process…

Q: Explain what a production function is. What is the concept of diminishing marginal product?

A: Production Function: The function that explains the relationship between the physical inputs and…

Q: An example of a short-run fixed factor of production is..... a. postage for mailing. b. electricity.…

A: short-run fixed factor of production is a factor of production that cannot be change in the short…

Q: mhich of the following diagrams shows isoquants for a Cobb-Douglas production function? X2 X1 X1 X2…

A: Isoquant- It is the curve that represents different combination of two inputs that produce maximum…

Q: Nimbus,Inc.,makes brooms and then sells door to door.Here is the relationship between the number of…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…