State the law of diminishing marginal returns. How is it illustrated by the data in the table of the preceding question? There is a proviso to this law that certain things be held constant: What are these things? Give examples of situations where the law of diminishing marginal returns is not applicable because these “other things” are likely to vary.
Answer to relevant QuestionsConsider your time spent studying as an input in the production of total points on an economics test. Assume that other inputs (what could they be?) are not varied. Draw the total, average, and marginal product curves. Will ...Economists classify production functions as possessing constant, decreasing or increasing returns to scale. Yet, from a cause-and-effect point of view, it is not readily apparent why decreasing returns to scale should ever ...A fellow student states that it is best to stop studying once you reach the point of diminishing returns with regard to the number of hours spent studying. Assess the validity of her statement.If the long-run marginal cost curve is-shaped, must the long-run average cost curve also be-shaped?How would each of the following phenomena affect the long-run supply curve of apples? a. Workers in the apple industry form a union. b. Consumers find out that apples cause cancer. c. Hard-to-control bugs that eat apples ...
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