Question 2 If the slope of the total productivity line is decreasing as output increases, what does that say about marginal productivity a. increasing b. decreasing c. constant d. cannot be deter Full explain this question and text typing work only thanks
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Question 2
If the slope of the total productivity line is decreasing as output increases, what does that say about marginal productivity
a. increasing
b. decreasing
c. constant
d. cannot be deter
Full explain this question and text typing work only thanks
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- What shape of a long-run average cost curve illustrates economies of scale, constant returns to scale, and diseconomies of scale?Retune to Table 7.2. In the top half of the table, at what point does diminishing marginal productivity kick in? What about in the bottom half of the table? How do you explain this?1) a. What is a production function? How does a long-run production function differ from a short-run production function?b. Explain the term “marginal rate of technical substitution.” What does a MRTS = 4 mean?
- a. Is it possible to have diminishing returns to a single factor of production and constant returns to scale at the same time? Discuss.(a) What do we mean by "returns to scale"? (b) In this context, list and explain the three different types of returns to scale that a firm could experience in production.Is it possible to increase the labor productivity (output per unit of labor) in a given production process which exhibits diminishing returns to labor? If so, how? Explain with a graph. NOTE = PLEASE EXPLAIN IN DETAIL EVERYTHING. EXPLANATION DOES NOT MEAN DESCRIPTION. EXPLAIN EVERY DETAIL LONG.
- a.Calculate the total and the average productivity from the following information. b.Plot the total productivity curve as well as the marginal and the average productivity curves. Number of workers Marginal product 1 5.0 2 8.0 3 12.0 4 14.0 5 13.5 6 12.0 7 10.0 8 8.0 9 5.0 10 3.5 11 1.5 12 0.02. Calculate the appropriate learning rate and the overall average improvement rate for this data set. (Hint: Subtract Average labor/unit of previous lower production level from the Average labor/unit of the production level for which you are trying to figure out the learning rate, then divide by the previous production level average labor/unit. See example above 6-5.4/6=10%) I included an image that has a table in itPls help with below homework, I will upvote-) 2.1 What is differences between ‘economies of scale’ and ‘economies of scope’ 2.2 “In a short run, where capita (K) is fixed, a firm should operate its business until its marginal revenue product is greater than its marginal factor cost of labour since it will bring about maximum profit.” Do you agree with this statement? Explain.
- In a short-run production process, a diminishing marginal product of labor explains why marginal cos is? 1.A negative and falling 2.zero 3.positive but falling D. positive and risingQuestion 1 Capital (K) Labor (L) Total Product (TP) Average Product (AP) Marginal Product (MP) 10 0 0 10 1 5 10 2 15 10 3 30 10 4 50 10 5 75 10 6 85 10 7 90 10 8 92 10 9 92 10 10 90 1.1 From the information in the table, calculate marginal and average product of each level of output. 1.2 At what point of output does diminishing marginal returns occur?QUESTION 1a. Is it possible to have diminishing returns to a single factor of production and constant returns to scale at the same time? Discuss.b. Isoquants can be convex, linear, or L-shaped. What does each of these shapes tell you about the nature of the production function? What does each of these shapes tell you about the MRTS?