Question: Intermediate Micro Economic questions 2. A student wrote on the last year Econl exam the following: Every production function exhibits diminishing returns to scale

Intermediate Micro Economic questions

2. A student wrote on the last year Econl exam the following: " Every production function exhibits diminishing returns to scale because professor said that all inputs have diminishing marginal productivities. S=o when all inputs are doubled, output must be less than double.\" How would you grade this

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Intermediate Microeconomics Question 2. A student wrote on the last year Econl exam the following: " Every production function exhibits diminishing returns to scale because professor said that all...

5. A student wrote on the last year Econ 301 exam the following: \" Every production function exhibits diminishing returns to scale because professor said that all inputs have diminishing marginal...

1. Roy Dingbat is the manager of a hot dog stand that uses only labor and capital to produce hot dogs. The firm usually produces 1,000 hot dogs a day with 5 workers and 4 grills. One day a worker is...

Is there someone who can edit an accounting financial analysis or answer theses questions for this project on for the financial stamens in the Empire company? Acctg 501 Fall 2016 Term Project This...

Paper Presentation on Marginal Revenue Product And Optimal Employment Level: An Illustration of Student Involvement Dr. Eugene Steadman, Jr. Averett University 7Th Annual Economics Teaching...

Following the war, Grandpa Frank was very bullish on the potential of the French market. He saw a country that would not only experience short-term growth through its rebuilding effort, but also...

Assignment for \"The Solow Model Unleashed: Understanding Economic Growth\" Based on Columbia CaseWorks 130304 1 Assignment Introduction & Algebra This case and assignment is intended to enhance your...

China is much more different from the US today than France ever was. Not only is its initial capital stock ( K 0) much lower, but there are many other important differences as will be discussed...

Craig and LaDonna Allen are trying to establish a college fund for their son Spencer, who just turned three today. They plan for Spencer to withdraw $10,000 on his eighteenth birthday and $11,000,...

"It has been observed that to replace a former employee who has resigned or retired, the company has to spend 150% of the previous employees salary". In the light of the above statement, it is...

Any purchaser or agent acquiring a U . S . Real Property interest ( JSapu ) from a foreige person must withhold what percent of the amount realised on the dirpertien? a ) 1 5 % b ) 3 0 % c ) 3 5 % d...

A company started the year with accounts receivable of $15,000 and an allowance of $(1,500). During the year, sales (all on account) were $110,000 and cash collections for sales amounted to $105,000....

Oregano Inc. was formed on July 1, 2011. It was authorized to issue 300,000 shares of no par value common shares and 100,000 shares of cumulative and non-participating preferred shares carrying a $2...

Assume that Newman Stores completed the following foreign-currency transactions: May 9 Purchased various inventory items on account from Harajuku, a Japanese company. The price was 800,000 yen, and...

You are performing the year-end audit of Halvorson Fine Foods, Inc. for December 31, 2007.The client has prepared the following schedule for the fixed assets and related allowance for depreciation...

Marketing Specialties, Inc., reported the following statement of stockholders equity for the year ended October 31, 2014: Requirements Answer these questions about Marketing Specialties stockholders...

Dr Marc Manseau's title at OASAS is: A . Special Assistant to the commissioner B . General counsel C . Cheif of medical services D . Head of medical policy

3. Give an example of a problem or phenomenon in everyday life where information is presented in an emotional way.

6. How can a message directly influence the interpreter?

1. Discuss the following statements: (a) The dangers of mountain driving in an old Lada 4 4, and safety concerns. (b) We perceive the world backwards. (c) Numbers are different from words, but they...