Q: (a) Explain the law of diminishing marginal returns in the Theory of Production. (b) Does this law…
A: The law of ‘diminishing marginal returns’ states that with the increase(↑) of a single production…
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A: A market is a place where the buyers and sellers will interact with each other, exchange their views…
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A: Factors of production are regarded as the building blocks as they are essential for the production…
Q: 5) Arswer the following questions based on the graph below: a)From point A to B and from B to C, is…
A: [a]From point A to B and from B to C, overall production is risingL rose from 80 to 140 to 280…
Q: A- what is prodcution technology? and give an example for the concept. B- What is the…
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Q: How firm choose optimum combination of inputs in short run and long run explain theoritically and…
A: There are two type of period in economics which are short run and long run. In the short run, there…
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Q: what are the three stages of production? explain with TP, MP, and AP graph
A: The three stages of short-run production are readily seen with the three product curves--total…
Q: An example of a fixed cost is O a property tax O the cost of labor O the cost of materials O the…
A: The expenses that are being incurred for carrying out day-to-day business transactions are known as…
Q: how do firms choose how much output to produce.
A: production is the making system - it is in the same place as the natural/raw substances and parts…
Q: Daad Karim is a fisherman in Gawadar. Following is the relationship between the hours and he and his…
A: MPL = Change in Q / Change in L L Q MP 0 0 1 5 5 2 9 4 3 12 3 4 14 2 5 15 1
Q: the number of workers increase. Use the total production
A:
Q: Explain the movement from point A to B for the production of these two goods.
A: Production possibility curve shows the combination of two goods that can be produced with the given…
Q: Hours of work necessary to produce one unit of cloth or wine is shown in the following table:…
A: In economics, input refers to the production elements that are used to produce a good or a service.…
Q: a) What are the determinants of production? Explain.b) Suppose that an economy’s production function…
A: The production function is a function that shows the relationship between output produced in an…
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A: The resources that people use to create products and services are known as factors of production,…
Q: Question 8
A: The correct solution is option (b).
Q: Short Answer 12) Using the following table, which of the production choices (a, b, c, d, e) are…
A: Note: The last row values were not clearly visible. Production technique o/p capital labour A…
Q: QUANTITY OF OUTPUT (Pizzas) +++ +++ +++ On the following graph, plot Alys Note: Plot your points in…
A: In the short run, the factor of production (i.e., inputs) is either fixed or variable. Labor is a…
Q: By going to school an individual will obtain which "factor of production"? O Money. O Physical…
A: the factor of production tells us about the various items needed in the production process and which…
Q: what is the importance of long run and short run production in production theory?
A: A production function is a functional relationship between the inputs which are used in the process…
Q: uses inputs rease output, these inputs are:
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: An economy can produce leather using labor and capital and wheat using labor and land. The total…
A: In the business examination, the production possibility frontier (PPF) is a bend showing the…
Q: When it comes to the question on how long the short run is (in the context of production and cost),…
A: Factors of production: - The inputs that are used to produce goods and services are known as the…
Q: You have fulfilled your dream by buying a McDonald’s franchise. You start hiring employees and come…
A: This occurs due to the Law of Diminishing Returns. According to this law, as more and more units of…
Q: Suppose in Baku with total 300 minutes labour hours available the economy can only produce mangoes…
A: A production possibilities frontier shows the combination of two goods that an economy can produce…
Q: We know there is a link between productivity and costs. For example, recall the link between the…
A: In an economist's terms, when we talk about productivity, then we are talking about the marginal…
Q: A gardener exclaims: “For only $1 in seeds I’ve grown over $20 in produce!” Besides the fact that…
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Q: There are two factors of production, X and Y. They are being used to produce a fixed amount of…
A: Equilibrium is where isocost is tangent to isoquant.
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A: Factors of production are needed to produce final goods. The factors of production used to make…
Q: 5. A company that produces auto parts has a production function of Q = 300 L-75 K-5. %3D If L= 250…
A: (i) Q=300L0.75K0.5L=250K=25Now,Q=300(250)0.75(25)0.5 Q=300×62.87×5Q=94,305
Q: pack the melons. The table sets out Ann's total product schedule. What is the marginal product of…
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Q: Trade in Inputs?
A: Trade is a basic concept of economics involving the buying and selling of services and goods with…
Q: Consider a production process where flowers are grown (the output) using gardeners (labor) and…
A: Marginal product of labor is the additional output produced with an additional unit of labor hired.
Q: Insert the missing numbers in the following tables. number of units of total Marginal average labors…
A: We have to calculate marginal production, average production, total cost, average total cost, fixed…
Q: Define factors of production and describehow they contribute to output.
A: The process of transformation of inputs into the output is known as the production process.
Q: a. Discuss the following statements: i. The second stage of production is the optimal one for a firm…
A: There are three stages of production. 1. stage -1 : Increasing return 2. Diminishing return 3.…
Q: 9:00 AM 60 10:00 AM 105 11:00 AM 135 Noon 150 Use the table to answer the following questions. The…
A: The marginal gain from doing anything is addition to total gain from any additional particular…
Q: The production function illustrates the relationship between.......... and..................
A: (2.1)The production function illustrates the relationship between.......... and..................…
Q: 10:00 AM 70 11:00 AM 06 100 Noon Use the table to answer the following questions. The marginal, or…
A: Marginal gain is the additional gain that an individual gets from having one more unit of a good or…
Q: Explain why the marginal cost of production must increased if the marginal product of the marginal…
A: The marginal cost of production refers to the change in total cost due to produce an extra unit of…
Q: what is the different between average production and marginal production?
A: The average production is the total production divided by the variable input and it is production…
Q: QUESTION 5 Timothy own a Subway franchise. He used flour, oil, seasoning and oven to bake the bread…
A: Factors of production: - The inputs that are used to produce goods and services are known as the…
Q: Some movie complexes have machines that sell movie tickets. When this occurs, the movie complex is…
A: In economics their are five factors play roll in production. The land, capital, labor,…
Q: Consider a production process where flowers are grown (the output) using gardeners (labor) and…
A: The Marginal Product of n labour = (total Product of n labour - total Product of p labour )/(n-p)…
What is the Theory of Production in economics? Explain..
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- what is economic firms market ?2 Quantity of Books Suppose the solid line in the graph above illustrates Michael's budget line. Which of the following statements are correct regarding Michael's budget line: Michaela could afford to buy 8 movie tickets and 1 book. if Michaela's income is $40, the price of movie tickets must be $4. if Michaela's income is $80, the price of books must be $80. if Michaela's income is $80, the price of movie tickets must be $12. None of these options are correct. Quantity of Movie TicketsWhen an economist say a resource is free what does it mean
- Economics....4. A decision at the margin. Juanita is a hard-working college sophomore. One Thursday, she decides to work nonstop until she has answered 50 practice problems for her math course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem. Time 8:00 AM 9:00 AM 10:00 AM 11:00 AM Noon. Total Problems Answered 0 20 35 45 50What are diminishing marginal returns?
- There are two factors of production, X and Y. They are being used to produce a fixed amount of output called A. If the amount of output, A is held constant, and the isoquants are convex, would the price of X going down always mean less of Y is used? Explain why or why not by explaining through the use of a graph.Consider the factors of production that go intoa fast-food restaurant. Give an example of land,labor, and capital.Classify the following as microeconomics or macroeconomics andprovide justification A firm's decision about how many workers to hire