Diminishing returns - Study guides, Class notes & Summaries

If, when a firm doubles all its inputs, its average cost of production decreases, then production displays A) diminishing returns. B) economies of scale. C) diseconomies of scale. D) declining fixed costs. correct answers B) economies of scale. The long-run average cost curve shows A) the lowest average cost of producing every level of output in the long run. B) where the most profitable level of output occurs. C) the average cost of producing where diminishing returns are not present....

In only one product segment, diminishing returns for inside sales is reached at - ️️30 `An increase in promotional budgets have: - ️️diminishing returns A 6 month project in R&D costs____________; while a 12 month project in R&D costs ________. - ️️500,000;1,000,000 A bond with the number 12.6S2005, indicates that: - ️️the interest rate is 12.6%; due on December 31, 2005. A new unit of capacity costs $6 for the floor space plus $4 times - ️️automation rating A product's...

normative statement an opinion that cannot be confirmed by referencing facts positive statement a statement that can be proved by referencing facts why are economic models used? theories cannot be tested in a controlled environment the basic economic problem scarcity - consumer wants are always greater than available resources opportunity cost the next best alternative foregone factors of production resources used by a firm in production list and define the factors of production lab...

D. None of the above correct answers If the marginal product of labor is 2, the marginal product of capital is 4, the wage rate is $3, the rental price of capital is $6, and the price of output is $1.50, then the firm should . Increase output by hiring more labor, more capital, or both. b. Hold output constant, but hire more labor and less capital. c. Decrease output by reducing the quantity of capital, reducing the number of units of labor, or both. d. None of the above is correct. ...

FAC1601 ASSIGNMENT 1 Semester 2 2023 (ANSWERS) Question 1 Answer saved Marked out of 1.00 Question 2 Answer saved Marked out of 1.00 Question 3 Answer saved Marked out of 1.00 QUIZ The definition of a liability is: A. A future economic resource controlled by a reporting entity as a result of a past event. B. A future economic resource controlled by a reporting entity as a result of a future event. C. A present economic resource controlled by a reporting entity as a result of a pa...

The law of diminishing marginal returns states that increases in the variable input reduce the total product. a. True b. False correct answers b. False We should use relatively more labor if we learn that the marginal product per dollar of labor expenditures is less than a marginal product per dollar of capital expenditures. a. True b. False correct answers b. False If a firm has increasing returns to scale, then increasing all inputs by 1% will increase output by more than 1% a...

PYC3704-exam-prep - Assignments questions and answers Psychological Research (University of South Africa) lOMoARcPSD| PYC3704 – Psychological Research Topic 1 Inferential Statistics – concerned with inferring numerical properties of statistical populations from sample data Theory:  Accounts for facts and suggest how they are related to each other. A framework of ideas that provides an explanation of something  The theory – if true – implies what we should observe under...

PUBH 3130 Final Test Questions with Correct Answers what are the various combination of health inputs that produce health status (at both individual and population levels) - Answer-- medical services - lifestyle (personal behaviors that affect health) - environment (ex: air, soil, water pollution) - biological makeup (age, sex, genetic predisposition) - income - education - housing - gov't programs (insurance & others) diminishing marginal returns - Answer-- a curve of health inputs...

Law of diminishing returns correct answersLaw of diminishing returns - used to refer to a point at which the level of profits or benefits gained is less than the amount of money or energy invested. Fixed costs correct answersbusiness expenses that are not dependent on the level of goods or services produced by the business. They tend to be time-related, such as interest or rents being paid per month, and are often referred to as overhead costs. Variable costs correct answerscorporate expen...

If, when a firm doubles all its inputs, its average cost of production decreases, then production displays a.) diminishing returns b.) economies of scale c.) diseconomies of scale d.) declining fixed costs correct answers b. ) economies of scale The long-run average cost curve shows A) the lowest average cost of producing every level of output in the long run. B) where the most profitable level of output occurs. C) the average cost of producing where diminishing returns are not prese...