what is the different between average production and marginal production?

Q: Shan's Dumpling House can produce 100 dumplings, using one worker, and 175 dumpling, using two…

A: Marginal product means the increase in the total output because of addition of one more labor.

Q: Consider the factors of production that go intoa fast-food restaurant. Give an example of…

A: Factors of production are regarded as the building blocks as they are essential for the production…

Q: Write about the production function with two and more than two variables

A: A function is basically a mathematical relationship between the dependent and the independent…

Q: The optimal level of production for any company is the level of production that either maximizes…

A: Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…

Q: how can i calculate net cost if i have an equation for marginal cost and marginal benefit?

A: Net Cost (NC) is generally used to do cost-benefit analysis. Hence, it is a measure to determine the…

Q: Explain the movement from point A to B for the production of these two goods.

A: Production possibility curve shows the combination of two goods that can be produced with the given…

Q: What shapes would you generally expect a total product curve and a marginal product curve to have?

A: Answer to the question is as follows:

Q: Why Marginal cost curve is U-shaped?

A: The marginal cost curve illustrates the relationship between the marginal cost and the number of…

Q: Give one limitation of marginal analysis and explain why?

A: As economies emerged, goods and services were produced that required machinery and labor. With time,…

Q: Why do marginal costs tend to rise, and marginal benefits tend to fall

A: Marginal cost is the addition cost which is incurred for producing an additional output.  Marginal…

Q: Which of the following indifference curve the slope of the production possibilities frontire? A,…

A: The production possibility curve, abbreviated as PPC, depicts various combinations of products that…

Q: If a fisherman catches fish from river then which factor of production is he using for his…

A: The resources that people use to create products and services are known as factors of production,…

Q: What level of output does a firm produce?

A: The quantity of products and services produced in a particular time period is referred to as output…

Q: Consider a production process where flowers are grown (the output) using gardeners (labor) and…

A: * ANSWER :-

Q: Using an example , explain the production proces

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: Marginal cost is ?

A: Microeconomics deals with the several components of a single firm or an individual. The subject’s…

Q: How is the optimum point of production for a firm determined?

A: Point of optimum production is that in which the plant is operated at its full capacity. When the…

Q: Why do you think that average and marginal cost curves have the same general shape?

A: Average cost: it is the per unit cost of production calculated by using the following formula.

Q: The period of a time when a firm is able to change all of inputs factors of production is called…

A: The period of time is important from the point of view of the producer, as time period limit his…

Q: You have fulfilled your dream by buying a McDonald’s franchise. You start hiring employees and come…

A: This occurs due to the Law of Diminishing Returns. According to this law, as more and more units of…

Q: According to below Figure which of the following point is representing resources are not used t…

A: This depicts a PPF(Production Possibility Frontier). It represents a combination of goods and…

Q: We know there is a link between productivity and costs. For example, recall the link between the…

A: In an economist's terms, when we talk about productivity, then we are talking about the marginal…

Q: What is the Theory of Production in economics? Explain..

A: Answer: In economics, the technical relationship between the input and output is explained by the…

Q: write down 2 examples of implicit cost?

A: implicit cost is when company use thier resources ot helps in calculating economic profit

Q: hat is tah relationship between average production and marginal prod

A: Total product refers to the output amount that can be produced by a given amount of variable factor,…

Q: Dal 19. Rapel Valley in C tion of the cost of 20 million bottles Each bottle enteri: which generates…

A: Consumers always demand a good that is available at a cheaper rate than other. When price of a…

Q: Trade in Inputs?

A: Trade is a basic concept of economics involving the buying and selling of services and goods with…

Q: Discuss about the concept of marginal cost using your own example?

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: Insert the missing numbers in the following tables. number of units of total Marginal average labors…

A: We have to calculate marginal production, average production, total cost, average total cost, fixed…

Q: What is the difference between Analytical and Synthetic process of production? Give examples.

A: Analytical process of production deals with parts of production. Synthetic process of production…

Q: Suppose you are a producer and you need to identify what combination of labour and capital you…

A: An isoquant shows all the combinations of two inputs that a firm uses to produce any given level of…

Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.