Define the Law of Diminishing Marginal Returns and giving a clear example, explain why this “Law” is important in Economics.

Q: Companies building stagecoaches understood the marginal concept. After experimentation, it was…

A: In a production unit, some factors can be fixed and some others can be variable. This is a concept…

Q: 2). Discuss the relationship between the law of eventually diminishing marginal returns and the…

A: The law of diminishing marginal returns states that adding an additional factor of production…

Q: (a) Explain the law of diminishing marginal returns in the Theory of Production. (b) Does this law…

A: The law of ‘diminishing marginal returns’ states that with the increase(↑) of a single production…

Q: What are diminishing marginal returns? Using a diagram you have learned show and explain diminishing…

A: A production function shows the unique relationship between inputs and outputs. The change in output…

Q: Another important law in economics is the “law of marginal returns or the law of increasing costs".…

A: Marginal return refers to the additional output that obtained by increasing one more unit of input.

Q: A commercial fisherman notices the following relationship between hours spent fishing and the…

A: Given table:

Q: Draw tfc, tvc, tc and marginal cost curve on the same graph.

A: To draw the graph of TC, TVC, TFC and MC random data have been taken.

Q: 10. The following is a total cost curve. Sketch the corresponding marginal cost curve. If the price…

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

Q: 2.7 The following is a total cost curve. Sketch the correspond- ing marginal cost curve. If the…

A: The marginal cost (MC) represents the additional costs incurred in producing one extra unit of the…

Q: MC ATC AVC AFC 40 70 80 90 Quantity Costs

A: Diminishing returns begin where MC curve starts rising or MP curve starts to fall. Most productive…

Q: B) Is the following statements correct or incorrect? Briefly explain: i) A rational producer will…

A: A rational producer is one who wanted to maximize their profit from the business transactions.…

Q: Explain the counter-intuitive proof of diminishing marginal productivity: if the law of diminishing…

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

Q: affect a

A: The law of diminishing marginal returns states that addition of a factor of production results only…

Q: commercial fisherman notices the following relationship between hours spent fishing and the quantity…

A: Answer and Explanation: A) The MP of every hour spent fishing is provided in the table below. The…

Q: Explain using diagrams, the law of diminishing returns

A: The rule of diminishing marginal returns is an economic theory that states that once an optimal…

Q: Alex is a hard-working college sophomore. One Saturday, he decides to work nonstop until he has…

A: Marginal gain is the addition to the total gain by employing an additional unit of input. Time spend…

Q: What stage of production is efficient region of production in short run?

A: There are three stage of production. The law of variable proportion can be divided into three…

Q: Marginal cost is ?

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

Q: c) Why Marginal cost curve is U-shaped?

A: Marginal cost is additional cost or increase in total cost as a result of one unit increase or in…

Q: Describe the methods that can be used to to determine where profit is maximized?

A: A firm in short run and long run chooses to maximize its profits. Output levels of the firm are…

Q: Explain the law of diminishing returns and illustrate with a relevant example.

A: Law of diminishing return says that as we go in using more and more of a single good the return that…

Q: A commercial fisherman notices the following relationship between hours spent fishing and the…

A: The marginal product or marginal physical productivity of an input (factor of production) in…

Q: The table below shows how the number of university classrooms cleaned in an evening varies with the…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: In order to maximize the profit, what decision do you think is the most important one?

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Are there some companies where the learning curve may not apply as much? What are some signs that a…

A: A learning curve is a concept. It often to illustrate the repeated task of an employee or worker. It…

Q: What is law of diminishing marginal returns

A: The law of diminishing returns is significant because it informs economists' beliefs that a firm's…

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: Explain Law of Diminishing Marginal Returns using the following example.  The weekly number of…

A: The law of diminishing marginal return explains that after reaching an optimal level, the addition…

Q: Explain how firms can maximize profits using marginal analysis.

A: Profit increase could be a method that companies bear to ensure that they need the most effective…

Q: Sean is a hard-working college freshman. One Thursday, he decides to work nonstop until he has…

A: Suppose, Sean gets 1 unit of benefit by solving 1 practice problem. The table is showing the total…

Q: Discuss the concept of the law of diminishing marginal returns

A: The total product (or return) refers to the aggregate goods and services produced by the firm at…

Q: Complete the following table: Marginal Output Average Cost Cost

A: There are two type of cost in production 1) Fixed cost - fix in nature…

Q: Economic profit is:

A: Economists and Accountants measure profit differently.

Q: The following is a total cost curve. Sketch the corresponding marginal cost curve. If the price of…

A: ‘Marginal cost’: ‘Marginal cost’ is the change in ‘total cost’ in respect to change in per unit of…

Q: What two lines on a cost curve diagram intersect at the zero-profit point?

A: For a perfectly competitive firm, average cost curve and marginal revenue curve intersect each other…

Q: The law of diminishing returns indicates that?

A: The law of diminishing returns states that at some point, adding more of a variable input such as…

Q: What does rational choice in econ? What are some of the pros and cons of using this concept in…

A: The economics is a study of social science which deals with the social or human behavior and the…

Q: riefly Define the Law of Diminishing Marginal Returns and giving a clear example, explain why this…

A: Economics: It refers to the subject in which various plans and policies have been made for the…