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What are increasing marginal returns?
ncreasing marginal returns mean that marginal product is greater for each subsequent unit of a variable input than it was for the previous unit. Decreasing marginal returns, as such, mean that marginal product is less for each subsequent unit of a variable input than it was for the previous unit.
When a production function gets flatter the marginal product is increasing?
True
Why law of diminishing returns and return to scale might use in understanding the output decisions of firms in different industries?
show with example that if the marginal product is always decreasing the average product is always above the marginal product?
What does marginal revenue products refers to?
The marginal product is the output produced by one more unit of a given input. Found at http://www.econmodel.com/classic/terms/marginal_product.htm
In the short run if marginal product is at its maximum what happens to average cost?
it is at its minimum
What are increasing marginal returns?
ncreasing marginal returns mean that marginal product is greater for each subsequent unit of a variable input than it was for the previous unit. Decreasing marginal returns, as such, mean that marginal product is less for each subsequent unit of a variable input than it was for the previous unit.
What is increasing returns to a factor?
It occurs when an additional unit of labour employed brings a marginal product greater than the previous marginal product.
When a production function gets flatter the marginal product is increasing?
True
Why law of diminishing returns and return to scale might use in understanding the output decisions of firms in different industries?
show with example that if the marginal product is always decreasing the average product is always above the marginal product?
What does marginal revenue products refers to?
The marginal product is the output produced by one more unit of a given input. Found at http://www.econmodel.com/classic/terms/marginal_product.htm
In the short run if marginal product is at its maximum what happens to average cost?
it is at its minimum
What happens as a result of diminishing marginal product?
oh it gives u blonde hair
When average product is highest Options Total product is maximum Marginal product is maximum Marginal product is zero Marginal product is negative?
Negative
What is the Value of marginal product of labor?
Marginal product of labour is no of quantity u can get by increasing labour by one quantity i.e in simple term suppose u have N labour initially and they r manufacturing P product and then u r hiring one more labour for your work keeping all other factore constant so now your production is P' so P'-P is called marginal product of labour and if u r multiplying it with price of one product u will get value of marginal product of labor.
How do you input the marginal product equation in excel?
how do you find marginal product on excel
Relationship between Tota Product Marginal Product and Average Product?
Average Product = (Total Product) / (Labor) Marginal Product(2) = (Total Product)(2) - (Total Product)(1)
If the marginal cost of production is diminishing as more units of output are produced what can you say about the marginal procuct of labor?
If the marginal cost of production is diminishing as more units of output are produced, it suggests that the marginal product of labor is likely increasing or, at the very least, not decreasing. This indicates that each additional unit of labor is contributing more effectively to output, leading to lower costs for producing each additional unit. This relationship often reflects increased efficiency or better utilization of resources as production scales up.
