4. The Following Table Gives Total Output Or Total... Chegg PDF

Preview

Summary

it is very helpful for stuident...

Description





Textbook Solutions

Expert Q&A

Practice



Find solutions for your homework

Question: 4. The following table gives total output or total product as a function of labor units used. LAB...

4. The following table gives total output or total product as a function of labor units used. LABOR TOTAL OUTPUT 00 15 29 3 12 4 14 5 15 a. Dene diminishing returns. b. Does the table indicate a situation of diminishing returns? Explain your answer.

Expert Answer AkshayDamariya answered this

1) The law of diminishing return states that: As more and more units of any factor of production are used, the contribution of the last factor of input to the total output keeps decreasing. 2) Yes, the above table indicates diminishing returns. Because the addition to total output by using one more unit of output keeps decreasing (5,4,3,2 and 1). I hope my solution solves your query. Regards. 0 Comments

Was this answer helpful?

3

Practice with similar questions

0

The following table gives total output or total product as a function of labor units used. Labor total output 0 0 1 5 2 9 3 12 4 14 5 15 a. dene diminishing returns. b. Does the table indicate a situation of diminishing returns? explain your answer. See answer

The following table gives total output or total product as a function of labor units used. LABOR TOTAL OUTPUT 0 0 1 5 2 9 3 12 4 14 5 15 Dene diminishing returns. Does the table indicate a situation of diminishing returns? Explain your answer. See answer Show more



Up next for you in Economics 3. All states impose excise taxes on gasoline. According to data from the Federal Highway Administration, the state of California imposes an excise tax of $0.40 per gallon of gasoline. In

A recent study determined the following elasticities for Volkswagen Beetles: Price elasticity of demand = 2 Income elasticity of demand = 1.5 Based on this information, answer the following

See answer

See answer

See more quest for subjects you s

Questions viewed by other students The following is a production function. 50.000- 45,000- 40,000- O 35,000- 30,000- 25,000- 20.00015,000 10.000- 5.000- 0- 200 Units of labor (L) 300 400 100 Draw a graph of marginal product as a function of labor. 1.) Using the line drawing tool, graph the marginal product curve from 0 to 100 units of labor. Label this line 'MPseqment 1 2.) Using the line drawing tool, graph the... See answer

100% (1 rating)

The number of oil changes conducted by a service station depends on the number of workers as shown in the table below. Assume that all inputs (service bins, telephone and utilities) other than labor are xed in the short run in the table below, enter the marginal product and average product for each number of workers. (Round your responses to two decimal places.) See answer

100% (4 ratings)

Show more



COMPANY LEGAL & POLICIES CHEGG PRODUCTS AND SERVICES CHEGG NETWORK CUSTOMER SERVICE

© 2003-2021 Chegg Inc. All rights reserved....