Describe the law of diminishing returns. then describe why, Ask an Expert

Economics

Describe the law of diminishing returns. Then describe why you agree or disagree with the given statements.

Q1. If the marginal product of labor is reducing, the average product of labor is reducing.

Q2. If the marginal product of labor is rising, the total product of labor is rising at a rising rate.

Q3. Whenever the marginal product and the average product are equivalent the average product is at a maximum.

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M910029

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question - the following table shows a workers wages annual

Question - The following table shows a worker's wages (annual salary), from 2007 to 2010: Years Annual Salary CPI (base 100=2005) 2007 7524 109 2008 8208 119 2009 8892 125 2010 9234 130 a) Calculate the time-series data ...

The wheat market has the following supply and demand

The wheat market has the following supply and demand functions: QD = 98 - 4Pw+ 0.2I QS = -6 +4Pw-2Pc-Pf Where Pw is the price of wheat (per bushel), Q is the quantity of wheat in bushels, I is the average consumer's dail ...

Question investing in human capital is an individual

Question: Investing in Human capital is an individual decision. A. List and explain three factors the lead to individual differences in human capital investment. B. Explain why workers bear general training costs. C. Exp ...

A in 1994 the marginal cost of producing the power mac was

a) In 1994, the marginal cost of producing the Power Mac was about $1,500 per unit, and a rough estimate of the monthly demand curve was: P = 4,500 - .15Q. At the time, what was Apple's optimal output and pricing policy? ...

Question firms engage in an activity called forward pricing

Question: Firms engage in an activity called "forward pricing" when they establish, during the early stages of the learning curve, a price for their product that is lower than their actual costs, in anticipation of lower ...

Question 1 what is an industry cluster and what does a

Question: 1 ) What is an industry cluster and what does a cluster mean for employment, services, infrastructure? 2) What is "an incentive based economic development strategy"? The response must be typed, single spaced, m ...

Lets see if we can formulate any real laws about the

Let's see if we can formulate any real laws about the economics of taxation. Which of the following must be TRUE, as long as supply and demand curves have their normal shape (demand curves are downward sloping while supp ...

Question the association between excess weight and higher

Question: The association between excess weight and higher absences, medical fees, and benefit costs is clear. What is the meaning of this relationship regarding weight discrimination for the many individuals who are ove ...

Question the demand for imported honda automobiles is given

Question: The demand for imported Honda automobiles is given by the following equation: Q H = 1200 - 20P H + 10P C + 200P G The price of Hondas, P H = 60, the price of Chevrolets, P C = 70, and the price of gasoli ...

Question use orthodox economic theory to explain the

Question: Use orthodox economic theory to explain the problem of global warming (climate change) and suggest policy solutions. What is the unique problem of such global environmental problems? What is the political econo ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert