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Explain the difference between diminishing return of scale and economies of scale Provide examples if necessary diminishing return of scale?
Diminishing return of scale is a short run concept. It explains the relationship between the rate of output with increaring inputs of production. Economies of scale, on the other hand, explains the relationship between the LR average cost of producing a unit of good with increasing level of output. Diminishing return of scale is a short run concept. It explains the relationship between the rate of output with increaring inputs of production. Economies of scale, on the other hand, explains the relationship between the LR average cost of producing a unit of good with increasing level of output.
What is total utilitymarginal utility d low of diminishing marginal utility and draw the thoeretical mathematical diagramatically relationship between total and marginal utility?
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What is the opposite of diminishing joy?
Increasing Misery is the opposite of 'Diminishing Joy'
If marginal utility is positive but diminishing then?
Total utility increases at a diminishing rate
When was Diminishing Between Worlds created?
Diminishing Between Worlds was created in 2007.
How we can convert diminishing rate to flat rate?
diminishing rate / 1.85 = flat rate
How do you use ever-diminishing in a sentence?
The world's nonrenewable resource reserves are ever diminishing.
Criticism of law of diminishing marginal utility?
the criticisma of the law of diminishing marginal utility
What is a sentence with diminishing?
You will notice that the earth's colors change ever so slightly as the sunlight is diminishing.
What is diminishing when used in a sentence for weather?
Diminishing in a weather context typically refers to a decrease or weakening of a weather phenomenon like wind, rain, or snow. It implies that the intensity or strength of the weather element is gradually decreasing.
Explain the merits and demerits of law of diminishing marginal utility?
explain the demerits of diminishing marginal utility
What is the relationship between consumer preferences and the law of diminishing marginal rate of substitution?
Consumer preferences refer to the choices individuals make when selecting goods and services. The law of diminishing marginal rate of substitution states that as a consumer substitutes one good for another, the marginal rate of substitution decreases. In simpler terms, as a consumer consumes more of one good, they are willing to give up less of another good to continue receiving the same level of satisfaction. This relationship between consumer preferences and the law of diminishing marginal rate of substitution highlights how individuals make trade-offs when making consumption decisions.
