The Principle of Diminishing Returns Apply the principle of diminishing returns. 4.1 Consider the example of Xena’s copy shop. Adding a second worker increased output by 300 pages. If she added a third worker, her output would increase by fewer than          pages.

Q: give me an example of marginal analysiss in a table

A: Marginal analysis is based on consumption of an additional unit of the good.  The table below shows…

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A: A production function illustrates the relationship between the inputs used and the output produced…

Q: How does a cost behave in response to a change in activity? Give an example?

A: Cost also changes with the change in the activity. There are two types of costs- fixed costs and…

Q: What is marginal product, and what does it mean if it is diminishing?

A: The marginal product is determined by the change in total output as one additional input is used in…

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

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A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

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A: A function is basically a mathematical relationship between the dependent and the independent…

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A: Fixed cost is the part of total cost that does not depend on output produced. It remains fixed even…

Q: hy does more inputs not necessarily translate into more output?

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A: Marginal Physical Product (MPP) is the addition to the total physical product when an additional…

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A: Isoquants are the curve that depicts a various mix of labor (l) and capital (k) that can be used to…

Q: What are two examples of variable costs?

A: Variable costs depends on the level of output being produced by the firm.

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A: Factors of production: - The inputs that are used to produce goods and services are known as the…

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A: The level of output produced given a fixed level of an input is determined by the production…

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Q: Give an quantitative example of marginal and average cost.

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A: Returns to scale refer to the change in the total output due to the change in the proportionate…

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A: Explain the concept of economies of scale.   Economies of scale :- It means mass production of…

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Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.