0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What war the 3 stages of production?
Three stages of production are increasing marginal returns, diminishing marginal returns, and negative marginal returns.
A monopolist will set its production at a level where marginal cost is equal to?
A monopolist will set production at a level where marginal cost is equal to marginal revenue.
What is a level of production in which the marginal production decrease with new investment?
diminishing marginal returns
Marginal revenue equals?
marginal cost of production
When is economic surplus maximized?
when the marginal benefit of consumption is equal to the marginal cost of production.
What war the 3 stages of production?
Three stages of production are increasing marginal returns, diminishing marginal returns, and negative marginal returns.
What is a level of production in which the marginal production decrease with new investment?
diminishing marginal returns
What is a level of production in which the marginal production decreases with new investment?
diminishing marginal returns
A monopolist will set its production at a level where marginal cost is equal to?
A monopolist will set production at a level where marginal cost is equal to marginal revenue.
Marginal revenue equals?
marginal cost of production
If marginal revenue is greater than marginal cost the firm should?
If MR is greater than MC, the firm should increase their production. The ideal amount of production is determined by allowing the marginal cost to equal the marginal revenue.
When is economic surplus maximized?
when the marginal benefit of consumption is equal to the marginal cost of production.
What does profit maximizing quantity of output mean?
Its the level of production where marginal cost is equal to marginal revenue.
What would happen to marginal and average productivity if a technological innovation were introduced to the production process?
Marginal and Average productivity increases when technological innovations are introduced into production process.
When a production function gets flatter the marginal product is increasing?
True
What occurs when somebody buys a third winter coat elasticity substitution decrease marginal utility or efficient production?
decreasing marginal utility
The Equi-Marginal Principle can be applied to both consumption as well as production Discuss this statement with the help of an example?
The Equi-Marginal Principle can be applied to both consumption as well as production Discuss this statement with the help of an example?
