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The law of diminishing marginal returns states that eventually the marginal product of an input will tend to fall as more input is added. Describe real-life scenarios, explaining why this is likely to happen. For example, imagine a backyard garden of fixed size and all other inputs except labor also fixed ; will adding a worker increase your output? Will adding another increase output by as much? another?
Discuss the role and the effect of reputation on cooperative behavior by selfish individuals. Discuss the biological reason for cooperative behavior with relatives.
Elucidate the nature of competition in a marketplace which is characterized by a high barrier to entry and a significant product homogeneity.
what is the growth rate of constant- dollar real gdp using year 1 as the base year? What is the growth rate of constant- dollar ral GDP using year 2 as the base year?
Illustrate what are the firms ATC per unit at these three levels of production. If every firm in this industry has the similar cost structure, is the industry in long-run competitive equilibrium.
How these earnings differences have changed over the past half century, as well as what factors are responsible for these changes.
an additional $15 of investment projects in each successive rate of return range down to and including 0-5 percent range. Which of lines on above diagram represents these data.
Find out the marginal revenue also the marginal cost functions and show them graphically. Find the monopolist's price, output, profit, and the price of the cost margin.
Competitive free marketplaces maximize the utility of those who participate in them; they also maximize society's total utility.
A major employer in a small town announces upcoming major layoffs of employees. What should we expect to happen to the consumption functions of the affected employees.
Products become obsolete and are replaced by new goods, such as the typewriter. Draw supply and demand graphs and describe what results when this occurs.
Illustrate the effect on the marketplace for a hr. of babysitting services 30 yrs into the future when children born today.
Illustrate which combination of fiscal policy actions would be most contractionary for an economy experiencing severe demand-pull inflation.
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