Please help: The table below shows the relationship for a hypothetical firm between its advertising expenditures...
Please help: The table below shows the relationship for a hypothetical firm between its advertising expenditures and the quantity of its output that it expects......
NOTE: For the 1st question, Options for the first drop down (Marginal effect of advertising) is "increasing, decreasing, or negative" and for the second drop down is "specialization, economies of scale, or diminishing marginal returns"
Homework Answers
Answer : The marginal effect of advertising is decreasing due to diminishing marginal returns .It means that each added input of advertising leads to a decreasing rate of Quantity demanded.It is best to stop in this phase.
The firm should spend $1.20 on advertising expenditure.
MC = 10
After 8 million Quantity marginal revenue is less than Marginal cost. It shows that it is best for the consumer to produce 8 million Quantity where marginal revenue is 11.
Using Economic principle makes the law that set advertising such that marginal benefit from advertising is equal marginal cost of advertising. Marginal revenue is not less than marginal cost.
Add Answer to:
Please help: The table below shows the relationship for a
hypothetical firm between its advertising expenditures...
1. Which of the following is true before a firm has reached the point of diminishing  ...
1. Which of the following is true before a firm has reached the point of diminishing returns? a) marginal product is negative b) marginal product is rising, but still positive c) average product is declining d) average product may be rising or declining e) both a) and c) are correct 2. Whenever the slope of the total product curve is increasing at an increasing rate, the marginal product curve is _____. a)...
8:587 18:26:20 Exit D 24. The figure below shows short-run average total cost curves for a...
8:587 18:26:20 Exit D 24. The figure below shows short-run average total cost curves for a firm under four different production technologies. Assume that there are only four different technologies that the firm could use. Price ATC, ATC ATC Q, Q.QQQQQ Quantity Refer to the figure above. Between the output quantity QA and QC, the long-run average total cost curve of the firm exhibits constant returns to scale diminishing marginal product diseconomies of scale economies of scale
The below table shows the weekly relationship between output and number of workers for a factory...
The below table shows the weekly relationship between output and number of workers for a factory with a fixed size of plant. Number of Workers Output MPL APL 0 0 1 50 2 110 3 300 4 450 5 590 6 600 7 575 8 540 Calculate the marginal product of labor and the average product of labor. At what point (in terms of the number of workers) does diminishing returns set in? At what point (in terms of...
QUESTION 2 The table below shows the total production of a firm as the quantity of...
QUESTION 2 The table below shows the total production of a firm as the quantity of labor employed increases. The quantities of all other resources employed remain constant. Units of labor Total production Marginal product of labor (MP) Average product of labor (AP) 80 200 400 450 480 490 480 a. Compute the marginal products of the first through the eighth units of labor and enter them in the table. b. Now compute the average products of the various quantities...
22. Which of the following is true for a firm that enjoys economies of scale? a. Marginal cost is increasing as output i...
22. Which of the following is true for a firm that enjoys economies of scale? a. Marginal cost is increasing as output increases. b. Average total cost is falling as output increases. c. Marginal cost is constant as output increases. d. Marginal revenue is falling as output increases. 23. The figure below shows short-run average total cost curves for a firm under four different production technologies. Assume that there are only four different technologies that the firm could use. Refer...
The second part of this question's options are increasing or decreasing 5. The relationship between marginal physical p...
The second part of this question's options are increasing or
decreasing
5. The relationship between marginal physical product and marginal cost Shen's Big Burger is a small restaurant that sells hamburgers. For Shen, grills are a fixed input and workers are variable inputs. Assume that labor is Shen's only variable cost. Shen has a fixed cost of $50 per day and pays each of his workers $50 per day. Shen's total product schedule and total cost at each level of...
The following table shows how much output a firm can produce as it relates to the...
The following table shows how much output a firm can produce as it relates to the use of both capital K and labor L: KIL 2 40 60 75 85 90 3 4 65 85 100 110 115 70 90 105 115 120 20 40 2 3 4 75 90 100 105 65 70 Starting from K-2 and L-2, if both inputs are scaled by factor t, then O A. Ift1.5, production exhibits constant returns to scale OB. Ift 2,...
6. Scenario: Selma runs a pastry shop. The following table shows the total number of cupcakes...
6. Scenario: Selma runs a pastry shop. The following table shows the total number of cupcakes produced as a function of the number of hours of labor put into making them. Hours of Labor Cupcakes 0 0 1 10 2 25 3 35 4 44 5 52 6 58 Refer to the scenario above. At which hour of labor does Diminishing (Marginal) Returns first start? a. 2nd b. 6th c. 3rd d. 4th 7. Specialization is the result of ________....
erences Mailings Review View Help Tell me what you want to do 1. Which of the...
erences Mailings Review View Help Tell me what you want to do 1. Which of the following is true before a firm has reached the point of diminishing returns? a) marginal product is negative b) marginal product is rising, but still positive c) average product is declining d) average product may be rising or declining e) both a) and c) are correct 2. Whenever the slope of the total product curve is increasing at an increasing rate, the marginal product...
My explanation about these requirements are as follow:- Please i need more ideas to support my...
My explanation about these requirements are as follow:- Please i need more ideas to support my work Reflect on the two (02) following topics: 1) The Law of Increasing Returns to a factor of production. 2) The Law of Diminishing Returns to a factor of production. Be explicit and analytical. Also, provide appropriate examples to support your analysis. ANS 1) The Law of Increasing Returns to a factor of production. Be explicit and analytical. Also, provide appropriate examples to support...
8:587 18:26:20 Exit D 24. The figure below shows short-run average total cost curves for a firm under four different production technologies. Assume that there are only four different technologies that the firm could use. Price ATC, ATC ATC Q, Q.QQQQQ Quantity Refer to the figure above. Between the output quantity QA and QC, the long-run average total cost curve of the firm exhibits constant returns to scale diminishing marginal product diseconomies of scale economies of scale
QUESTION 2 The table below shows the total production of a firm as the quantity of labor employed increases. The quantities of all other resources employed remain constant. Units of labor Total production Marginal product of labor (MP) Average product of labor (AP) 80 200 400 450 480 490 480 a. Compute the marginal products of the first through the eighth units of labor and enter them in the table. b. Now compute the average products of the various quantities...
The second part of this question's options are increasing or
decreasing
5. The relationship between marginal physical product and marginal cost Shen's Big Burger is a small restaurant that sells hamburgers. For Shen, grills are a fixed input and workers are variable inputs. Assume that labor is Shen's only variable cost. Shen has a fixed cost of $50 per day and pays each of his workers $50 per day. Shen's total product schedule and total cost at each level of...
The following table shows how much output a firm can produce as it relates to the use of both capital K and labor L: KIL 2 40 60 75 85 90 3 4 65 85 100 110 115 70 90 105 115 120 20 40 2 3 4 75 90 100 105 65 70 Starting from K-2 and L-2, if both inputs are scaled by factor t, then O A. Ift1.5, production exhibits constant returns to scale OB. Ift 2,...
erences Mailings Review View Help Tell me what you want to do 1. Which of the following is true before a firm has reached the point of diminishing returns? a) marginal product is negative b) marginal product is rising, but still positive c) average product is declining d) average product may be rising or declining e) both a) and c) are correct 2. Whenever the slope of the total product curve is increasing at an increasing rate, the marginal product...
Most questions answered within 3 hours.
-
Project management question:
Name 3 different types of resources (hint: humans are one
type)
asked 2 minutes ago -
Consider the following reaction: C 2H 2( g) + 2H 2( g) C 2H 6(
g)...
asked 9 minutes ago -
Consider a 1.0 L buffer containing 0.092 mol L-1 HCOOH and 0.100
mol L-1 HCOO-. What...
asked 18 minutes ago -
Koch Realty has owned a vacant land with a FMV of
$775,000 and an adjusted basis...
asked 24 minutes ago -
It is estimated 29% of all adults in United States invest in
stocks and that 85%...
asked 24 minutes ago -
What does a 2-sided p value of 0.04 mean? (I am not asking if it
is...
asked 38 minutes ago -
A parallel-plate capacitor is made from two aluminum-foil
sheets, each 7.8 cmcm wide and 5.1 mmlong....
asked 39 minutes ago -
1. why is toluene a stronger nucleophile than benzene?
2.why is phenol a stronger nucleophile than...
asked 56 minutes ago -
4. How can you solve for the density of the liquid from the
slope? Please show...
asked 56 minutes ago -
when 2053 j of heat is added to 46.3 g of hexane C6H14 the
temperature increases...
asked 1 hour ago -
I need new and unique answers, please. (Use your own words,
don't copy and paste), Please...
asked 1 hour ago -
MCL 445.111 et seq. deals with Home Solicitation Sales.
MCL stands for Michigan Compiled Laws which...
asked 1 hour ago