Define the relationship between diminishing marginal product and marginal cost.
Define the relationship between diminishing marginal product and marginal cost.
2). Discuss the relationship between the law of eventually diminishing marginal returns and the marginal cost curve.
blank 1-diminishing or increasing
2-decreasing or increasing
5. The relationship between marginal product and marginal cost Musashil's Big Burger is a small restaurant that sells hamburgers. For Musashi, grills are a fixed input and workers are variable inputs. Assume that labor is Musashi's only variable cost. Musashi has a fixed cost of $50 per day and pays each of his workers $50 per day. Musashi's total output schedule and total cost at each level of labor are presented in the...
what happens to total cost curve due to diminishing marginal product and explain the reasons for the curve??
3. The relationship between marginal physical product and marginal cost Lorenzo's Big Burger is a small restaurant that sells hamburgers. For Lorenzo, grills are a fixed input and workers are variable inputs. Assume that labor is Lorenzo's only variable cost. Lorenzo has a fixed cost of $60 per day and pays each of his workers $60 per day. Lorenzo's total product schedule and total cost at each level of labor are presented in the following table. Fill in the blanks...
3. The relationship between marginal physical product and marginal cost Kenji's Burrito Stand is a small restaurant that sells burritos. For Kenji, stoves are a fixed input and workers are variable inputs. Assume that laboris Kenji's only variable cost. Kenji has a fixed cost of $80 per day and pays each of his workers $120 per day. Kenji's total product schedule and total cost at each level of labor are presented in the following table. Fill in the blanks to...
A. Define utility as an economist would. B. State and explain the Law of Diminishing Marginal Utility. C. How is the Law of Diminishing Marginal Utility reflected in the demand curve?
The demand curve slopes downwards due to Diminishing Marginal Product of Labor B Decreasing Marginal Costs Diminishing Marginal Utility Decreasing Long-run Average Cost
• Distinguish between marginal private cost and marginal social cost • Define marginal damage • Explain why market efficiency is affected in the case of externalities
Diminishing marginal returns implies that O A. marginal product is constant. O B. marginal product is decreasing. O C. marginal product is increasing. OD. marginal product may be increasing or decreasing.
In terms of how each curve is plotted on a graph, explain the relationship between the marginal product and marginal cost curve. Draw a graph to illustrate your answer.Help please!