PRINCIPLES OF ECONOMICS
14th Edition
ISBN: 2810015433483
Author: OpenStax
Publisher: OpenStax
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 2, Problem 14RQ
What are diminishing marginal returns?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Not use ai please
Help me write these economic analysis for Macys
one paragraph)
Company name/current state of operation of this company -
Describe the company's performance in the present economy, whether it is growing or declining, and who are its competitors?
not use ai please
Chapter 2 Solutions
PRINCIPLES OF ECONOMICS
Ch. 2 - Suppose Alphonsos town raised the price of bus...Ch. 2 - Return to the example in Figure 2.4. Suppose there...Ch. 2 - Could a nation be producing in a way that is...Ch. 2 - What are the similarities between a consumers...Ch. 2 - Individuals may not act in the rational,...Ch. 2 - Would an op-ed piece in a newspaper urging the...Ch. 2 - Would a research study on the effects of soft...Ch. 2 - Explain why scarcity leads to tradeoffs.Ch. 2 - Explain why individuals make Choices that are...Ch. 2 - What is comparative advantage?
Ch. 2 - What does a production possibilities frontier...Ch. 2 - Why is a production possibilities frontier...Ch. 2 - Explain why societies cannot make a choice above...Ch. 2 - What are diminishing marginal returns?Ch. 2 - What is productive efficiency? Allocative...Ch. 2 - What is the difference between a positive and a...Ch. 2 - Is the economic model of decision-making intended...Ch. 2 - What are four responses to the claim that people...Ch. 2 - Suppose Alphonsos town raises the price of bus...Ch. 2 - During the Second World War, Germanys factories...Ch. 2 - It is clear that productive inefficiency is a...Ch. 2 - What assumptions about the economy must he true...Ch. 2 - Do economists have any particular expertise at...Ch. 2 - If the price of a magazine is 4 each, what is the...Ch. 2 - If the price of a pie is 12, what is the maximum...Ch. 2 - Draw Maries budget constraint with pies on the...Ch. 2 - What is Maries opportunity cost of purchasing a...
Additional Business Textbook Solutions
Find more solutions based on key concepts
(Record inventory transactions in the periodic system) Wexton Technologies began the year with inventory of 560...
Financial Accounting (12th Edition) (What's New in Accounting)
•• B.4. Consider the following linear programming problem:
Operations Management
The value of one-year at-the-money call option on RN stock. Introduction: The Black-Scholes-Merton model is als...
Corporate Finance (4th Edition) (Pearson Series in Finance) - Standalone book
Quick ratio and current ratio (Learning Objective 7) 1520 min. Consider the following data COMPANY A B C D Cash...
Financial Accounting, Student Value Edition (5th Edition)
Communication Activity 9-1
In 150 words or fewer, explain the different methods that can be used to calculate d...
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
What is the relationship between management by exception and variance analysis?
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
Knowledge Booster
Similar questions
- The following graph plots daily cost curves for a firm operating in the competitive market for sweatbands. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. Profit or Loss0246810121416182050454035302520151050PRICE (Dollars per sweatband)QUANTITY (Thousands of sweatbands per day)MCATCAVC8, 30 In the short run, given a market price equal to $15 per sweatband, the firm should produce a daily quantity of sweatbands. On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $15 and the quantity of production from your previous answer. Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss. The rectangular area represents a short-run of thousand per day for the firm.arrow_forwardNot use ai pleasearrow_forwardSouth Africa faces the triple challenge of poverty, inequality and unemployment and the national minimum wage debate has pulled on all three threads to make arguments for and against this policy. Discuss the theoretical implications of a national minimum wage, and touching on each of the three challenges South Africa faces, discuss some arguments for how this policy may affect them.arrow_forward
- In the context of the article below, discuss the Minister’s position in light of the principles of fairness as they relate to taxation. SA's work visa reform plans slowed by tax issues South Africa’s plan to attract more professionals to its skills-starved economy through the introduction of a so-called nomad visa for remote workers has been slowed by the need to amend tax regulations. The impediment comes after an initial delay when changes to the visa regime had to be temporarily withdrawn because mandatory public consultation procedures hadn’t been followed. President Cyril Ramaphosa announced his intention to introduce a remote-working visa in his 2022 state-of-the-nation address. “There is just a tax-related matter that needs to be addressed in the regulations,” Leon Schreiber, the country’s Home Affairs Minister, said in a response to queries. “Once that is done, the department will commence with the rollout.” South Africa’s byzantine work permit regime, which means…arrow_forwardAssume that an economy has an inflationary gap. Compare the use of fiscal policy with the use of monetary policy to remove the gap. Assume a closed economy. Use graphs to illustrate.arrow_forwardSuppose Person A is looking for a health insurance plan on Oregon's health insurance marketplace and they find one with the following details: Monthly Premium: $331 Deductible: $5,000 Primary care visit to treat injury or illness: $35 copay Imaging (CT/PET Scans MRIs): 40% coinsurance after deductible Ambulance: 40% coinsurance after deductible Inpatient hospital stay: 40% coinsurance after deductible Suppose further that Person A purchases this plan and it takes effect in January 2022. The cost Person A pays per month for this health insurance is equal to _. Person A must pay. before coinsurance kicks in. 0000 $35; $5,000 $35; $331 $331; $5,000 $331; $35 Multiple Choice 1 point Suppose Person A is looking for a health insurance plan on Oregon's health insurance marketplace and you find one with the following details: Monthly Premium: $331 Deductible: $5,000 Primary care visit to treat injury or illness: $35 copay Imaging (CT/PET Scans MRIs): 40% coinsurance after deductible Ambulance:…arrow_forward
- Use the figure below to answer the following question. Point X and Y represent two non-ideal contracts that the individual is faced with buying. From this information, you can conclude that if given the option between points B and Y the individual would prefer: Utility A у в 0000 UKI) E[Bp IH point B- the actuarially fair and full contract point Y-the actuarially unfair but full contract point Y- the actuarially fair, but partial contract point B- the actuarially fair, but partial contract incomearrow_forward2. Another issue facing millennials is the growing income and wealth inequality. We will use our model to understand the implications of this issue. A. Begin from the baseline preferences and endowments. Assume Xavier is wealthier than Yuri. Xavier has an endowment of 1100 pounds for each period (E1=E2=1100). Yuri has an endowment of only 900 pounds in each period (E1=E2=900). Note that each period's market supply is unchanged (1100 + 900 = 1000 + 1000 = = 2000). Determine the equilibrium interest rate. r = % B. Begin from the baseline preferences and endowments. Assume Yuri is wealthier than Xavier. Xavier has an endowment of only 900 pounds in each period (E1=E2=900). Yuri has an endowment of 1100 pounds for each period (E1=E2=1100). Note that each period's market supply is unchanged (1100 + 900 = 1000 + 1000 = 2000). Determine the equilibrium interest rate. r = % C. Begin from the baseline preferences and endowments. A third person named Zena joins our economy. Zena is very…arrow_forwardUse the figure below to answer the following question. Let I represent Income when health, let Is represent income when ill. Let E[I] represent expected income. Point D represents Utility 100000 B у いいつ income есва Ін Is the expected utility from income with no insurance an actuarially fair and partial contract an actuarially fair and full contract an actuarially unfair and full contract an actuarially unfair and partial contractarrow_forward
- Outline the principles of opportunity cost and comparative advantage. Describe how these principles can be applied to address the scarcity of resources in a real-world scenario involving a company or industry.arrow_forwardNot use ai pleasearrow_forward3. Consider the case of everyone being wealthier in the future, such as from a positive productivity shock (computers, internet, robotics, AI). A. Begin from the baseline preferences and endowments. Give both people an endowment of 1000 pounds for the first period and 1100 pounds for the second. AI increases the supply of second period goods by 10%. Note that there is now a total of 2000 pounds in the first period and 2200 pounds in the second. Determine the equilibrium interest rate. r = % B. Begin from the baseline preferences and endowments. Give both people an endowment of 1100 pounds for the first and 1100 pounds for the second periods. AI increases the supply in all periods by 10%. Note that there are now 2200 pounds in the first period and 2200 pounds in the second. Determine the equilibrium interest rate. r = % C. Explain how productivity and the real rate are connected. Write at least five sentences.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
Microeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning