Explain the law of diminishing returns. How does it relate to the cost of labor?

Question:

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Principles of Economics

ISBN: 978-1285064437

7th edition

Authors: Fred M. Gottheil

See More Books

Question Posted: Apr 21, 2015 09:32 AM

See More Questions

Explain the law of diminishing marginal utility, and give an example to illustrate it.
Explain the difference between the law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution.
Does the law of diminishing returns apply to capital as well as labor? Explain why or why not.
A long cylindrical wood log (k = 0.17 W/mK and = 1.28 10 -7 m 2 /s) is 10 cm in diameter and is initially at a uniform temperature of 15C. It is exposed to hot gases at 550C in a fireplace with a...
Identify inefficiencies in the traditional procurement process (Table 7.1).
Compare and contrast the different year ends available to sole proprietorships, flow-through entities, and C corporations.
Among your colleagues in class, identify a term or phrase italicized in this chapter that you think is the most significant from your reading. Absent team consensus, then just provide your...
The cash account of Dixon Products reveals the following information: The bank statement for May contains the following information: A comparison of detailed company records with the bank statement...
Write about one of the following service-based organizations: Cirque du Soleil Ten Spa TD Bank Shaw Cable Goals: Explain each of the elements of the extended marketing mix. Describe the relationship...
What is meant by a business strategy?
What kinds of variable costs would she encounter? What identifies those costs as variable?
What would be American Airlines' marginal cost of adding a passenger to its Boeing 747 flight from Minneapolis to Seattle, assuming seats are available? Explain.
Use the information for each of the five 100-share options in the following table to calculate the amount of profit or loss an investor would have incurred. Ignore brokerage fees. Option A B D E...
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 2 2 0 units at $ 4 9 per unit. During the year, Cortez made two batch purchases of this chair....
Jasper Company has sales on account and for cash. Specifically, 6 4 % of its sales are on account and 3 6 % are for cash. Credit sales are collected in full in the month following the sale. The...
Iota Inc. prepared its static budget for producing 20,000 units of one of its products for the next quarter using the following cost data: Costs Amounts Direct materials costs $60,000 Direct labor...
identify two accounts to be at significant risk if a company has liquidity and credit risk.. Furthermore, provide an explanation for the reasons behind these accounts being categorised as high risk....
Total liabilities were $200,000 at the beginning of the year and $240,000 at the end of the year. Stockholders' equity was $300,000 at the beginning of the year and $400,000 at the end of the year....
Quick Profit Entity is considering a capital expenditure that requires an initial investment of $84,000 and returns after-tax cash inflows of $7,000 per year for 20 years. The firm has a maximum...
Why do bars offer free peanuts?
Explain two ways in which a government budget deficit hurts a future worker.
What are two situations in which most economists view a budget deficit as justifiable?
Give an example of how the government might hurt young generations, even while reducing the government debt they inherit.
Discuss the key features of the following associated with the financial service industry: Financial products and services of the organisation Financial agency agreements Financial industry codes of...
You are building an apartment complex with 80 three-bedroom units near the downtown office district. The designers estimate that there will be on average 3.5 occupants in each apartment. A. Calculate...
The field team sends an update to the project manager letting him know that there were 12 employees at the project site, there were no accidents this week and no issues to report, and that the team...

Explain the law of diminishing returns. How does it relate to the cost of labor?

Question:

Step by Step Answer:

The law of diminishing returns states that when an addit...View the full answer

Principles of Economics

Students also viewed these Economics questions