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Explain about the diminishing returns to an input.
There are diminishing returns to an input while an increase within the quantity of which input, holding the levels of each of other inputs fixed, leads to a decline within the marginal product of such input.
Marginal Product of Labor Curve
Total Product, Marginal Product, and the Fixed Input
Total Cost Curve for George and Martha’s Farm
Process to control inflation rate The belief that control of inflation must be the primary economic objective of government can be traced back to neo-liberal revolution that st
Gas Guzzler Motors is one of three major auto producers. It is currently producing 6,000 cars a day, and selling them at a price of $10,000 each. Its marketing department tells it
Firm effects are more important the industry effects. What does this mean? Can you think of situations where this might not be true?
DEFINE IS CURVES AND DRIEVE IT
Four different measures of GDP Using circular flow model we see that there are 4 equivalent ways of measuring GDP: Using the definition: market value of all finished goo
Q. What do you mean by Patulin? It is a toxic and antibiotic metabolite produced by several species of Penicillin, Aspergillus and Paeciliomyces but the most important in the c
A company is researching the effectiveness of a new web site design to decrease the time to access a website. Five web site users were randomly selected and their times (in seconds
How to calculate credit multiplier with the value of deposit, reserves requirement and loan
It is sometimes asked whether credit cards are money since many purchases are made using these. Credit cards are a means of obtaining credit and using this to finance expenditure,
You are given the following information about an economy: Gross Investment = 40 Govt. purchases of goods & service =
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