a 150-word minimum reply, define the Law of Diminishing Returns. Locate a recent news article related to this topic and discuss how this law is related to it.
Q: Alec and Ellie are the only detectives in the town of Broadchurch. They work together. Assume…
A: Answer:Given,NameProduction of interviews in 2 hoursProduction of files of paperwork in 2…
Q: 2 X Player 1 4 Player 2 2 y 1 3 X 2 b O X 3 4 2 X 1 5 Consider the game tree given above: a. Write…
A: In game theory, a firm's choice of options that will increase returns on the firm is referred to as…
Q: Expected growth in real GDP = 0%; inflation = 3%
A: Both GDP and inflation rate are key economic indicators that provide insights into the overall…
Q: GoJex and Grav are both considering whether to charge a low price or a high price to their…
A: Game theory involves analyzing mathematical models that depict strategic interactions among rational…
Q: Nominal income CPI (2002= 100) 2018 $26,700 105 CPI are shown in the table below. 2019 $32,000 107…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: The demand and cost function for a company are estimated to be as follows: P = 100 - Q…
A: A demand function is an equation that represents the relationship between the quantity demanded of a…
Q: For Veblen like Marx, history is shaped by class struggle, though not in battles over the means of…
A: Both Thorstein Veblen and Karl Marx share the view that history is shaped by class struggle.…
Q: 5) Externalities can be produced by A) efficient markets; inefficient markets C) consumers; firms D)…
A: “Since you have posted multiple questions, we will provide the solution only to the first question…
Q: Can you help me this question Explain the short-run impact upon net exports and GDP of the…
A: The term "multiplier effect" refers to any adjustments in consumer spending that follow from any…
Q: a) Calculate the net present value for both projects. Answer to the nearest cent b) Find the…
A: The topic of the question is "Investment Evaluation: Net Present Value and Internal Rate of…
Q: What would your decision be if the following rules are applied? (show your calculation) Maximax…
A: Finding:MaximaxMaximinLa PlaceMinimax-regret
Q: S $6.00 $100 P = $0.50 100 MC ATC AVC Output (y) Find the following at price P: • P • TFC • Profit .…
A: Economic costs involve not just the accounting costs but also the opportunity cost of making one…
Q: If we say that GDP = C +1+ G+ (X-M), then GDP has been measured using the O production method O…
A: Gross domestic product refers to the final market value of all the items and services produced in a…
Q: An agent makes decisions using U(ct) = (ct−χct−1)1−γ 1−γ . Answer the following: (a) Suppose χ = 0.…
A: Risk aversion refers to the tendency of individuals to prefer less uncertain or risky outcomes over…
Q: Calculate the Net Present Value of this project according to Team #1. (Let's call it the "base-case…
A: This question is about calculating the Net Present Value (NPV) of a project. The NPV is a measure…
Q: What is life course theory? What are the three principles of the life course theory.
A: Life course theory is a trans-disciplinary framework that provides insights into the dynamic process…
Q: Explain fully why the AD curve has a negative slope. Use graphs to illustrate.
A: Interpreting how price changes affect overall demand depends critically on the slope of the AD…
Q: Assume that the accompanying graph depicts aggregate supply and demand conditions in an economy.…
A: Aggregate demand refers to the total demand for commodities and services made by all the economic…
Q: Suppose that the economy is characterized by the following behavioral equations: C = 180 +0.6YD…
A: Aggregate demand refers to the total demand for different goods and services raised by all the…
Q: Suppose actual real GDP is $13.19 trillion, potential real GDP is $12.96 trillion, the marginal…
A: Marginal Propensity to Consume(MPC): The marginal Propensity to Consume refers to the proportion of…
Q: The following table shows some data for an economy that produces only two goods: milk and honey.…
A: The total valuation of all final products produced within a country's borders during a specific…
Q: Consider an investment that pays off $700 or $1,600 per $1,000 invested with equal probability.…
A: The expected value of a statistical experiment is the result that will probably be attained after…
Q: 3- Assuming that the equation F(U, x, X2 = f(x1, x2,,.....,xn): 043 a) Find the expressions for 6U…
A: Utility, in the context of economics, refers to the subjective satisfaction or value that an…
Q: A market has the demand function Q-300-2P and the supply function Q-P-15. Production creates a…
A: The positive externalities are positive side effects of economic activities that are borne by the…
Q: The formula for the simple deposit multiplier is O A. O C. Simple Deposit Multiplier = Simple…
A: The simple deposit multiplier is a concept in macroeconomics that describes the potential increase…
Q: *7 Leisureland's production possibilities in 2004 are: Sunscreen (litres per month) Food (kilograms…
A: First we define what Production Possibility Frontier(PPF) is. Basically PPF is a graph that shows us…
Q: Dollars PWY V 0 an economic profit of WPHG. an economic profit of VPHF an economic loss of VWGF H O…
A: The quantity of output that maximizes profit for a perfectly competitive firm…
Q: Based on the data in the table below, Population Labor force Unemployment rate Year 1 320 million…
A: The total number of individuals who are either employed or actively seeking employment in a…
Q: Assume that the economy has a recessionary gap. Explain how the economy will remove this gap without…
A: A recessionary gap refers to a situation in an economy where the actual output is below the…
Q: Does Firm 1 have a dominant strategy? a)No b)Yes. Advertise c)Yes. Do not advertise Does Firm 2…
A: Dominant strategy is the strategy that gives best payoff given the strategy of other player
Q: Expected growth in real GDP = 1%; inflation = 4%
A: The GDP attained over an LR at the full employment level after the utilization of all resources is…
Q: In the video Susan George refers to the World Bank, IMF & WTO as the “terrible triplets” and the…
A: Susan George's views are part of a broader critical perspective on these institutions that is shared…
Q: When a famous painting becomes available for sale, it is often known which museum or collector will…
A: An auction is a process in which goods, services, or properties are bought and sold through…
Q: Suppose aggregate labour supply is measured as aggregate number of hours worked (L) given wage (w).…
A: The labor supply curve is a graphical representation of the relationship between the quantity of…
Q: In the context of a perfectly competitive model of the labour market, an increase in technology that…
A: A vibrant workforce is a prerequisite for the economy to thrive. It generates employment…
Q: The Return of Detroit City: Enpar manufactures engine parts for Ford using steel as an input. Enpar…
A: The technological relationship between factors of production, such as labor, capital, and raw…
Q: Consider the Diamond-Dybvig model of bank runs utility function is given by U(c) = √c and that the…
A: In the Diamond-Dybvig model, there are two types of agents: type-1 agents and type-2 agents. Let's…
Q: for the unique equilibrium (r",Y). You should also assume that f' (Y) = (0, 1) (Why?). Find dr/d Mo…
A: This question is about the IS-LM model, which is a macroeconomic model that represents the…
Q: he.3
A: Calculating the present worth involves discounting future cash flows or assets to their current…
Q: Refer to Case 7: Google: The Quest to Balance Privacy with Profits How will increasing global…
A: Increasing global regulation of privacy is likely to have a significant impact on Google's…
Q: Assume you are 25 years old and you are professionally employed. You are approached by two…
A: In economics, inflation refers to the sustained increase in the general price level of goods and…
Q: Using the information below compute the M2 money supply. The M2 money supply is $ Category Currency…
A: M2 money supply describes the measure of money which includes cash, checking deposits, savings…
Q: Answer five questions given the following data for 2019: The Equivalence of Expenditure and Income…
A: A measure of the total valuation of all final products produced within a country's borders during a…
Q: Why study economics to be an informed citizen
A: A social science that examines how individuals, firms, governments, and societies make choices…
Q: 5. The price of trade Suppose that Croatia and Norway both produce sunflowers and wheat. Croatia's…
A: Comparative advantage refers to the ability of the country to produce the good at a lower…
Q: It spending more can end a recession, what kind of spending is most important? O a. Only government…
A: Investment spending describes the expenditure made by businesses, governments, or individuals on…
Q: Distinguish among private efficiency, social efficiency, social welfare, and sustainability. Nuclear…
A: All parameters such as private efficiency, social efficiency, social welfare, and sustainability are…
Q: Using the following population and employment data for the United States (2000-2019), answer three…
A: Given that,the labor force in 2005 is 149,320 thousandthsthe labor force in 2010 is 153,889…
Q: 11. Problems and Applications Q5 Economists use labor-market data to evaluate how well an economy is…
A: In economics, unemployment refers to the state of being without a job while actively seeking…
Q: Refer to Case 3: Wal-Mart Manages Ethics and Compliance Challenges Investors in your company have…
A: Economic sustainability refers to the ability of an economy or a business to maintain long-term…
In a 150-word minimum reply, define the Law of Diminishing Returns. Locate a recent news article related to this topic and discuss how this law is related to it.
Schiller, B. R., & Gebhardt, K. (2016). The economy today (14th ed.). Columbus, OH: McGraw-Hill Higher Education
Step by step
Solved in 4 steps
- Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function C (x), the cost of a firm producing z items. An important microeconomics concept is the marginal cost, defined in (non-mathematical introductory) economics as the cost of producing one additional item. If the current production level is z items with cost C (x), then the cost of computing h additionial items is C (+h). The average cost of those h items (C(r+h)-C(x)) is As we analyze the cost of just the last item produced, this can be made into a mathematical model by taking the limit as h → 0, h i.e. the derivative C' (x). Use this function in the model below for the Marginal Cost function MC (x). Problem Set question: The cost, in dollars, of producing z units of a certain item is given by C (2) = 0.043 – 20x+ 350. (a) Find the marginal cost function. a ab Va a sin (a) MC (x) = E (b) Find the marginal cost when 60 units of the item are produced. The marginal…Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function C (x), the cost of a firm producing z items. An important microeconomics concept is the marginal cost, defined in (non-mathematical introductory) economics as the cost of producing one additional item. If the current production level is z items with cost C (x), then the cost of computing h additionial items is C (x+ h). The average cost of those h items (C(x+h)-C(x)) is As we analyze the cost of just the last item produced, this can be made into a mathematical model by taking the limit as h → 0, h i.e. the derivative C' (x). Use this function in the model below for the Marginal Cost function MC (x). Problem Set question: The cost, in dollars, of producing a units of a certain item is given by C (2) = 0.04a3 – 20z+ 350. (a) Find the marginal cost function. a ab b |a| sin (a) a MC (z) = | (b) Find the marginal cost when 60 units of the item are produced. The…Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function C (æ), the cost of a firm producing z items. An important microeconomics concept is the marginal cost, defined in (non- mathematical introductory) economics as the cost of producing one additional item. If the current production level is æ items with cost C (z), then the cost of computing h additionial (C(z+h)-C(z)) items is C (z + h). The average cost of those h items is . As we analyze the cost of just the last item produced, this can be made into a mathematical model by taking the limit as h → 0, i.e. the derivative C' (z). Use this function in the model below for the Marginal Cost function MC (x). Problem Set question: The cost, in dollars, of producing z units of a certain item is given by C (z) = 0.02a3 – 10z + 450. (a) Find the marginal cost function. MC (z) (b) Find the marginal cost when 50 units of the item are produced. The marginal cost when 50…
- How will you explain the formal definition of econometric?In an analysis of the market for paint, an economist discovers the facts listed below. For each fact, draw a D&S diagram and provide an changed determinants that affect supply or demand, and in what direction (draw the original and resulting D and S curves and resulting P*, Q*). There have recently been some important cost-saving inventions in the technology for making paint.What is the importance of studying macroeconomics in our daily lives? (80 words minimum)
- In educational economics, what does the term "rate of return to education" refer to? a) The percentage of students who complete their education b) The increase in income or earning potential associated with additional years of education c) The cost of educational resources per student d) The number of schools or universities in a given regionI was running my ten-oven cupcake business last week. On Monday through Wednesday, employed 71 workers and we produced 50,000 cupcakes each day. On Thursday, I hired an additional worker (the 72nd) and my total daily output fell to 49,500 cupcakes. I concluded the 72nd worker was a trouble-maker and I promptly fired her. Having studied economics, you know there's a problem with my interpretation of what happened. Carefully and fully explain the mistake in my reasoning.David Ricardo ([1817] 1965) modified Smith’s model by introducing diminishing returns to land cultivation. Diminishing returns implies that as you apply more of a variable input (labor) to a fixed input (land), the productivity of each additional worker will eventually decline as long as technology isfixed. He claimed that land was of variable quality and finite. Thus, as an economy grows, population grows relative to land, and the productivity of the labor on the land will decline. According to Ricardo, the only way stagnation could be averted, at least temporarily, would be through the trade and imports of cheap food or wage goods. The essential doctrines of John Stuart Mill (1848) differed little, if at all, from those of Ricardo. He, like Smith, believed in the doctrine of laissez-faire , but he also recognized the possibility of modifying the system. He displayed a leaning to the socialist ideal, growing closer as his life advanced. He believed that we should sacrifice economic…
- The Principle of Diminishing Marginal Returns states that adding one more unit of input, say, one worker, will at some point yield more additional output subtracting one more unit of input, say, one worker, will at some point result in an economic downturn adding one more unit of input, say, one worker, will at some point yield less additional output adding one more unit of input, say, one worker, will results in the same amount of additional output as the addition of the previous worker all available answers are correctQ. Suppose you decide to start your own business when you graduate with a degree in economics. At the end of your first year in operation, you earn total revenue of $120,000. Your expenses during the year include the following: rent—$15,000, office supplies—$2,000, utilities—$6,000 and salaries paid to staff—$30,000. When you started your business, you used your saving of $10,000 for which could have earned interest of 5 per cent. Upon graduation, you had a job offer for $50,000 from a firm with whom you interviewed. Based on the information above, estimate your accounting profit and economic profit.In general, managerial economics refers to the integration of economic theory with business: a) Ethics b) Management c) Practice d) All of the above