using an isoquant/isocost diagram explain the difference between diminishing returns to a variable factor and decreasing returns to a scale

Q: The accompanying table shows the total daily output for a firm producing specialty cakes operating…

A: Total fixed cost (TFC) is that cost which does not change with a change in the level of output.…

Q: Use the information in the graph to find the values for the following costs at an output level of…

A: In order to find the values for the costs at an output level of 500 units, we'll use the information…

Q: The table below shows the weekly relationship between output and number of workers for a factory…

A: (a) Number of workers Output MPL 0 0 NA 1 50 50 2 110 60 3 300 190 4 450 150 5 590…

Q: Long-Run Q 10 90 AC $

A: In the short run, some inputs are fixed and some are variable. Whereas in the long run, all the…

Q: Instructions: Move the slider at the bottom of the diagram to change the quantity of labor hired for…

A: In economics, marginal product refers to the change in output resulting from employing one…

Q: Isoquant curves The Firm can trade two doctors for five gardeners and output remains constant…

A: Introduction Isoquant curves: Isoquant curves shows input combinations of two commodities which are…

Q: The short-run production function for a manufacturer of flash memory drives is shown in the table…

A: a) Average product is the output produced per unit of labor.Formula for calculating average product: