Question: What is the difference between diminishing total returns to an input and diminishing marginal returns to an input? Can a total product function exhibit diminishing

What is the difference between diminishing total returns to an input and diminishing marginal returns to an input? Can a total product function exhibit diminishing marginal returns but not diminishing total returns?

Step by Step Solution

★★★★★

3.41 Rating (182 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

With diminishing total returns to an input increasing the level of the input will decrease the l... View full answer

Question Has Been Solved by an Expert!

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

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

846-B-E-D-S (2141).docx

120 KBs Word File

Students Have Also Explored These Related Economics Questions!

What is the difference between output price risk and input price risk?

What is the difference between classifying an expense by nature or function?

What is the difference between diseconomies of scale and the law of diminishing marginal returns?

4. What is the difference between diminishing total returns to an input and diminishing marginal returns to an input? Can a total product function exhibit diminishing marginal returns but not...

What is the difference between diminishing total returns to an input and diminishing marginal returns to an input? Can a total product function exhibit diminishing marginal returns but not...

6.1. A firm uses the inputs of fertilizer, labor, and hot-houses to produce roses. Suppose that when the quantity of labor and hothouses is fixed, the relationship between the quantity of fertilizer...

A firm uses the inputs of fertilizer and labor to produce roses. Suppose that when the quantity of labor is fixed, the relationship between the quantity of fertilizer and the number of roses produced...

Problem 1. A firm uses fertilizer, labor, and greenhouses as inputs to produce tulips. Suppose that when the quantity of labor and greenhouses is held xed the relationship between the quantity of...

Question One [10 marks] A firm produces cellular telephone service using equipment and labor. When it uses E machine-hours of equipment and hires L person-ours of labor, it can provide up to Q unites...

Can you show a breakdown of how you solve this problem A firm uses fertilizer, labor, and greenhouses as inputs to produce tulips. Suppose that when the quantity of labor and greenhouses is held...

The store manager at Meteksan Market places weekly orders for lettuce at a price of 0.30 $ per lettuce. Orders are received on every Monday morning. Continuously during the week, the manager uses...

You are a salesperson working on a commission basis. You have the opportunity to conclude a huge deal for a gaming computer and all the accessories with a person who is known to have a mental issue,...

Profeability ration, multipliers, and finandial risk ratios can be used to provide a quick assessment of a property / s relative value. Which of the of Fist Ticome? income multipliers All of the...

Close Project or Phase is the process of completing and concluding all activities across all process groups to officially close the project. Which of the following activities is not performed during...

1. A firms short-run supply curve shows the relationship between ________ on the horizontal axis and________ on the vertical axis. 2. To draw a firms short-run supply curve, you need its ________...

Espar A major cab company in Chicago has computed its mean fare from O'Hare Airport to the Drake Hotel to be $26.24, with a standard deviation of $3.63. Based on this information, complete the...

Help me with this question Students Who Major in Business It has been reported that 20.4% of incoming freshmen indicate that they will major in business or a related eld. A random sample of 440...

30 Assume that adults have IQ scores that are normally distributed with a mean of 104.4 and a standard deviation 21.3. Find the first quartile Q1, which is the IQ score separating the bottom 25% from...