Discuss the Law of Diminishing Returns.

Q: Another important law in economics is the “law of marginal returns or the law of…

A: The law of marginal returns indicates that when the firm uses more of the same variable input to…

Q: What is marginal product, and what does it mean if it is diminishing?

A: The marginal product is determined by the change in total output as one additional input is used in…

Q: Q: Theoretically and graphically explain how firm choose optimum combination of inputs in short run…

A: Answer: Assumptions:  Two inputs, Labor (L) and Capital (K) Price of labor, wage rate (W) Price of…

Q: Write about the production function with two and more than two variables

A: A function is basically a mathematical relationship between the dependent and the independent…

Q: Explain the law of diminishing returns.asap

A: In economics, various laws and theory are used to explains specific market activity. These laws arr…

Q: What are diminishing marginal returns? Using a diagram you have learned show and explain diminishing…

A: A production function shows the unique relationship between inputs and outputs. The change in output…

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…

Q: Explain fully the law of diminishing returns. Does this occur in the short run or the long run? How…

A: In economics, the short run is a time period where atleast one factor of production is fixed while…

Q: total revenue (TR) and total variable cost (VC) if the price is equal to the AVC

A: Relationship between TR and TVC 1. TR represents sum of MR and TVC represents Sum of MC  Gross…

Q: A shoe factory has 500 employees and produces a thousand pairs of shoes per hour. What is the shoe…

A: Here, given information is: Number of employees= 500 Total output= 1000 pairs of shoes per hour

Q: What is a production function? Response option group It is the production technology It is the…

A: A production function highlights the relationship between quantities of physical inputs and…

Q: In a relationship among total, average and marginal products, where TP is maximized:

A: The Total product (TP) implies the sum total of output produced using each nit of variable factor.…

Q: Diminishing Marginal Returns” is achieved when?

A: The law of diminishing marginal returns states that adding an extra factor of production ends up in…

Q: 1. (Production) Jasmine has just inherited a restaurant. In the short run, she has to stick with the…

A: The short-run is a notion that states that at least one input is fixed while the others are variable…

Q: 1. (Production) Jasmine has just inherited a restaurant. In the short run, she has to stick with the…

A: The short-run is a notion that states that at least one input is fixed while the others are variable…

Q: The law of diminishing returns states that

A: GIVEN   The law of diminishing returns states that is

Q: Suppose that output is a function of labor and capital. Assume that labor is the variable input and…

A: Law of diminishing marginal product states that as we increase the variable factor ( for example…

Q: Is it possible to avoid Diminishing Marginal Return? Why? Explain

A: Law of diminishing returns postulates that as more units of a variable input are used with a fixed…

Q: Which of the following is NOT a feature of iso-product curve? Iso- product curves

A: An iso-product curve is locus of numerous mixtures of elements of manufacturing giving the identical…

Q: Explain using diagrams, the law of diminishing returns

A: The rule of diminishing marginal returns is an economic theory that states that once an optimal…

Q: Demonstrate your understanding of the law of diminishing marginal returns.

A: Law of diminishing marginal productivity states that the marginal production from the additional…

Q: Why Law of Diminishing Returns is a short run law?

A: Law of Diminishing returns states that as more of the variable factor is combined with the fixed…

Q: true or false The closer an isoquant is to a straight line, the closer the inputs are to being…

A: An isoquant refers to a line that shows all the input combinations that yield the same level of…

Q: How is the optimum point of production for a firm determined?

A: Point of optimum production is that in which the plant is operated at its full capacity. When the…

Q: Hi, I am studying chapter 11 from Microeconomics 21st edition. I am still confused about a certain…

A: The marginal cost curve of a firm cut the average total cost curve at its minimum point. In initial…

Q: tate the law if Diminishing Returns. Give example.

A: Law of diminishing returns also known as law of variable proportion

Q: What’s law of diminishing returns

A: The law of diminishing returns would operate since the output would not expand at rising rates.

Q: The Principle of Diminishing Returns Apply the principle of diminishing returns. 4.1 Consider the…

A: The Law of diminishing return, also known as the Law of variable proportion, operates in the short…

Q: 9. If a firm moves from one point on a production isoquant to another point on the same isoquant,…

A: Since you have posted multiple questions, we will solve only the first question for you. If you want…

Q: What is law of diminishing marginal returns

A: The law of diminishing returns is significant because it informs economists' beliefs that a firm's…

Q: Explain the law of diminishing returns. Asap

A: Meaning of Production Function: The term production function refers to the situation under which a…

Q: 10: Consider a car manufacturer which uses capital K and labor L to produce q cars according to the…

A: Given, r = 3 w=1 q=f(L, K)=L18K38

Q: The saying “too many cooks in the kitchen can spoil the stew” can be used to describe the concept of…

A: According to the law of declining marginal returns, adding a new factor of production leads to…

Q: Explain what is meant by and what causes "Diminishing Marginal Product". Why is it only relevant in…

A: Marginal product refers to the increase in outpit resulting from employing additional units of…

Q: What is the law of diminishing marginal product, In which stages of production it manifest and What…

A: According to the rule of decreasing marginal returns, any manufacturing process will reach a point…

Q: Is the below statement correct or incorrect? Explain Briefly. If average product is negative,…

A: Marginal product is the additional output that is produced when one more unit of the variable input…

Q: When the law of diminishing returns takes effect   a. a firm must always try to add the same…

A: The Law of diminishing returns is a short-run concept.  It states that in the short run, when one…

Q: Explain the law of diminishing returns.

A: In economics, various laws and theory are used to explains specific market activity. These laws arr…

Q: The law of diminishing returns indicates that?

A: The law of diminishing returns states that at some point, adding more of a variable input such as…

Q: Law of Diminishing Return and Shape of the curve

A: Total product is defined as the total amount of final output which is produced by a firm using the…