User Account

All Pages

Law of diminishing marginal product

Assignment Help Business Economics
Reference no: EM133063830

Consider a firm facing conventional production technology. The short run Production Function has a small range of increasing marginal product (increasing marginal returns) and then is subject to the Law of Diminishing Marginal Product (diminishing marginal returns).

1. Putting quantity on the horizontal axis and dollars on the vertical axis, depict three important curves: Fixed Cost (FC), Variable Costs (VC), and Total Costs (TC). (Note that we are not asking you to depict average cost functions!)

2. Please clearly indicate on this graph the range of quantities where the firm is experiencing (1) increasing marginal returns and (2) diminishing marginal returns.

3. In a few sentences, please justify why you've made this specific classification of increasing/diminishing marginal returns in part

(b). Please upload an MS Word, Adobe PDF, or a picture file (JPEG, TIFF, PNG, BMP only) as your response to this question. Please limit your file size to no more than 5 MBs.

Reference no: EM133063830

Questions Cloud

Conventional material requirements planning : In conventional Material Requirements Planning (MRP) procedures, production quantities and dates are calculated in accordance with actual customer
How do economies of scale help : New trade theory came about when economists realized that the theories of specialization and trade (i.e. the Ricardian trade model) were not being borne out in
Professional working with client : The focus of this module is maintaining a safe environment while working in Human Services.
What is the expected share price of Pinder Ltd : Pinder Ltd is currently trading at $15 per share and is planning on a dividend of $2 per share. What is the expected share price of Pinder Ltd
Law of diminishing marginal product : Consider a firm facing conventional production technology. The short run Production Function has a small range of increasing marginal product (increasing margin
Innovative solutions to global health challenges : Review the following list of innovative solutions to global health challenges. how it impacts international healthcare.
Discuss implications for teaching : Select a question from the list for this week's discussion. Discussion question list:
Lean manufacturing : Lean manufacturing is a philosophy of production that focuses on the minimization of resources used throughout the organization in the production
What is the operating income generated by the special order : The company has received a special order for 295 saddles for an international competition. What is the operating income generated by the special order

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd