what is the main difference between average physical and marginal physical product?  describe the concepts of fixed and variable cost and provide an example for each. describe purchasing power while also providing an example of decreased purchaing power

Q: rease in average

A: Economies of scale are the cost advantages being reaped by companies when production in turn becomes…

Q: Explain in words why the Law of Diminishing Marginal Returns implies that there are increasing…

A: Law of diminishing marginal returns states that, as the production is continuous using factor of…

Q: A production process uses two inputs, labor and capital. If the marginal product of labor per dollar…

A: Marginal productivity refers to the additional output produced by using one more unit of input while…

Q: 1. Explain the relationship between the shape of the marginal cost curve and the marginal produ of…

A: The relationship among the shape of the marginal price (MC) curve and the marginal product of hard…

Q: b. Describe the relationship between the marginal product and the total product of a firm

A: Marginal product of of a firm is the additional product when an extra unit of factor of production…

Q: Among the three stages of production, until what point should one produce considering the law of…

A: The law of diminishing marginal product explains the three stages of production that is applicable…

Q: Comment on the relationships of Total, Marginal and Average Product

A: Production theory is very important in the determination of price theory. This is so because it is…

Q: What is the slope of an iso-cost line equal to and why? Provide mathematical explanation

A: Iso-cost line are that cocas of bundle of factors of production whereproduction Total cost is…

Q: xplain the relationship between total product, marginal product, and average product. How does the…

A: Microeconomics is a branch of economics that deals with the behavior, consumption, and allocation…

Q: Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two…

A: The law of diminishing marginal product states that when more and more variables factors are used,…

Q: What do you mean by 'production function"?

A: A production function is an economic concept that represents the relationship between inputs and…

Q: Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two…

A: Marginal physical product of labour (MPP) is defined as the extra unit of physical product generated…

Q: Consider the production function Q = 32K L (a) By dividing by L, find the Average Product of Labour…

A: The production function is the combinations of the labor and capital which are required to produce…

Q: You are given that the marginal product of input X is MPx and that of input Y is MPy, what is the…

A: a) According to an economic theory known as the marginal rate of technical substitution (MRTS), one…

Q: Given the following production function, complete the missing values. Labour Quantity of chicken per…

A: Total Production refers that total production by using the given factor and the average production…

Q: Both short-run and long-run average cost curves are likely to have a negative slope up to a given…

A: Meaning of Short-Run Cost Curves: The term short-run cost is the period under which some variable…

Q: What is the explicit and implicit cost? Can explicit or implicit be used for a business or…

A: Cost refers to the sum of money a corporation spends on making or producing products or services.…

Q: When the average cost of producing each individual unit declines as total output increases is…

A: Production function shows the relationship between inputs and output. It reflects how changes in…

Q: 1. Define the following terms: production function, average product, marginal product, law of…

A: Note:- Since you have posted multiple subparts, as per the guidelines we can solve only first 3…

Q: FIRM X SPENT $100m to upgrade its equipment last year. this year, the amount represents: a. An…

A: Taking definition of each statement An accounting cost : its cost of operating a business it…

Q: Pick up the element of the cost from the following: Select one: a. direct material b. direct labor…

A: There are various types of costs that are incurred during production process.

Q: How is the difference between average total cost and average variable cost impacted by an increase…

A: The total cost of a firm is the sum of the fixed cost and variable cost. Total cost increase with…

Q: None

A: To complete the table and answer the questions based on the provided data, let's go through the…

Q: . If economic profit equals accounting profit, what do implicitcosts equal?

A: Basics:- Economic Profit     = Revenue - Explicit Cost - Implicit Cost Accounting Profit  = Revenue…

Q: Economies of scale are of two kinds

A: To find : Types of economy scale.

Q: From production function how can we get cheapest way of producing 600 units of output

A: The proportion of both labor and capital input to the final product is expressed by the production…

Q: Production function 9.= fCL)where average product of labour LAPL) and murginal product of labaur…

A: We will first understand the relationship between the MP, AP curves. The curves are constructed by…

Q: gn ru

A: The long run is a concept in which all markets are in equilibrium, and  all quantities and prices…

Q: Describe the two main types of internal diseconomies of scale?

A: According to the given question In simple words we can say that the internal diseconomies of scale…

Q: 1)Suppose that labor is the only variable input to the production process. If the marginal cost of…

A: The marginal product of labor refers to the change in the total product with an addition of an…

Q: How would you calculate average product? How would you calculate marginal product?

A: The average product (AP) is the total output or production in units divided by the total input used…

Q: Say that the last tonne of steel produced by a steel company imposes three types of costs: labour…

A: Marginal cost is the additional cost incurred by producing one more unit of a good or service. It…

Q: relationship between total product, marginal product, and average product

A: Total product(TP) is the cumulative quantity of output(Q) that is produced by a firm. Average…