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…
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Q: 5) Arswer the following questions based on the graph below: a)From point A to B and from B to C, is…
A: [a]From point A to B and from B to C, overall production is risingL rose from 80 to 140 to 280…
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A: There are two type of period in economics which are short run and long run. In the short run, there…
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Q: what are the three stages of production? explain with TP, MP, and AP graph
A: The three stages of short-run production are readily seen with the three product curves--total…
Q: An example of a fixed cost is O a property tax O the cost of labor O the cost of materials O the…
A: The expenses that are being incurred for carrying out day-to-day business transactions are known as…
Q: how do firms choose how much output to produce.
A: production is the making system - it is in the same place as the natural/raw substances and parts…
Q: Daad Karim is a fisherman in Gawadar. Following is the relationship between the hours and he and his…
A: MPL = Change in Q / Change in L L Q MP 0 0 1 5 5 2 9 4 3 12 3 4 14 2 5 15 1
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A:
Q: Explain the movement from point A to B for the production of these two goods.
A: Production possibility curve shows the combination of two goods that can be produced with the given…
Q: Hours of work necessary to produce one unit of cloth or wine is shown in the following table:…
A: In economics, input refers to the production elements that are used to produce a good or a service.…
Q: a) What are the determinants of production? Explain.b) Suppose that an economy’s production function…
A: The production function is a function that shows the relationship between output produced in an…
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A: The resources that people use to create products and services are known as factors of production,…
Q: Question 8
A: The correct solution is option (b).
Q: Short Answer 12) Using the following table, which of the production choices (a, b, c, d, e) are…
A: Note: The last row values were not clearly visible. Production technique o/p capital labour A…
Q: QUANTITY OF OUTPUT (Pizzas) +++ +++ +++ On the following graph, plot Alys Note: Plot your points in…
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Q: By going to school an individual will obtain which "factor of production"? O Money. O Physical…
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Q: what is the importance of long run and short run production in production theory?
A: A production function is a functional relationship between the inputs which are used in the process…
Q: uses inputs rease output, these inputs are:
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: An economy can produce leather using labor and capital and wheat using labor and land. The total…
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A: This occurs due to the Law of Diminishing Returns. According to this law, as more and more units of…
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A: A production possibilities frontier shows the combination of two goods that an economy can produce…
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A: Equilibrium is where isocost is tangent to isoquant.
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Q: 5. A company that produces auto parts has a production function of Q = 300 L-75 K-5. %3D If L= 250…
A: (i) Q=300L0.75K0.5L=250K=25Now,Q=300(250)0.75(25)0.5 Q=300×62.87×5Q=94,305
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Q: Trade in Inputs?
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Q: Consider a production process where flowers are grown (the output) using gardeners (labor) and…
A: Marginal product of labor is the additional output produced with an additional unit of labor hired.
Q: Insert the missing numbers in the following tables. number of units of total Marginal average labors…
A: We have to calculate marginal production, average production, total cost, average total cost, fixed…
Q: Define factors of production and describehow they contribute to output.
A: The process of transformation of inputs into the output is known as the production process.
Q: a. Discuss the following statements: i. The second stage of production is the optimal one for a firm…
A: There are three stages of production. 1. stage -1 : Increasing return 2. Diminishing return 3.…
Q: 9:00 AM 60 10:00 AM 105 11:00 AM 135 Noon 150 Use the table to answer the following questions. The…
A: The marginal gain from doing anything is addition to total gain from any additional particular…
Q: The production function illustrates the relationship between.......... and..................
A: (2.1)The production function illustrates the relationship between.......... and..................…
Q: 10:00 AM 70 11:00 AM 06 100 Noon Use the table to answer the following questions. The marginal, or…
A: Marginal gain is the additional gain that an individual gets from having one more unit of a good or…
Q: Explain why the marginal cost of production must increased if the marginal product of the marginal…
A: The marginal cost of production refers to the change in total cost due to produce an extra unit of…
Q: what is the different between average production and marginal production?
A: The average production is the total production divided by the variable input and it is production…
Q: QUESTION 5 Timothy own a Subway franchise. He used flour, oil, seasoning and oven to bake the bread…
A: Factors of production: - The inputs that are used to produce goods and services are known as the…
Q: Some movie complexes have machines that sell movie tickets. When this occurs, the movie complex is…
A: In economics their are five factors play roll in production. The land, capital, labor,…
Q: Consider a production process where flowers are grown (the output) using gardeners (labor) and…
A: The Marginal Product of n labour = (total Product of n labour - total Product of p labour )/(n-p)…
What is the Theory of Production in economics? Explain..
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- 2 Quantity of Books Suppose the solid line in the graph above illustrates Michael's budget line. Which of the following statements are correct regarding Michael's budget line: Michaela could afford to buy 8 movie tickets and 1 book. if Michaela's income is $40, the price of movie tickets must be $4. if Michaela's income is $80, the price of books must be $80. if Michaela's income is $80, the price of movie tickets must be $12. None of these options are correct. Quantity of Movie Ticketswhat is economic firms market ?When an economist say a resource is free what does it mean
- Economics....4. A decision at the margin. Juanita is a hard-working college sophomore. One Thursday, she decides to work nonstop until she has answered 50 practice problems for her math course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem. Time 8:00 AM 9:00 AM 10:00 AM 11:00 AM Noon. Total Problems Answered 0 20 35 45 50What are diminishing marginal returns?
- Consider the factors of production that go intoa fast-food restaurant. Give an example of land,labor, and capital.There are two factors of production, X and Y. They are being used to produce a fixed amount of output called A. If the amount of output, A is held constant, and the isoquants are convex, would the price of X going down always mean less of Y is used? Explain why or why not by explaining through the use of a graph.In our paper airplane company, some inputs were fixed and some were variable. Match the input to whether it was VARIABLE or FIXED. Paper- Stapler- Staples- Employees- Production space-