40) Consider the following statements when answering this question; I. Whenever the marginal product of labor curve is a downward sloping curve‚ the average product of labor curve is also a downward sloping curve that lies above the marginal product of labor curve. II. If a firm uses only labor to produce‚ and the production function is given by a straight line‚ then the marginal product of labor always equals the average product of labor as labor employment expands. A) I is true‚ and II is
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between diminishing marginal returns and decreasing economies of scale and cite causes and examples. Ans. The law of diminishing returns is also called the law of variable proportion‚ as the proportions of each factor of production employed keep changing as more of one factor is added. The law of diminishing returns does not imply that adding more of a factor will decrease the total production‚ a condition known as negative returns‚ though in fact this is common. A common sort of example is adding
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Introduction The greatest Muslim reformer and statesman of the 19th Century‚ Sir Syed Ahmad Khan was born in Delhi on October 17‚ 1817. His family on the maternal and paternal side had close contacts with the Mughal court. His maternal grandfather‚ Khwajah Farid was a Wazir in the court of Akbar Shah II. His paternal grandfather Syed Hadi held a mansab and the title of Jawwad Ali Khan in the court of Alamgir II. His father‚ Mir Muttaqi‚ had been close to Akbar Shah since the days of his prince-hood
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decades of the 20th century‚ there were many great leaders in the area of Industrial and Organizational Psychology whose contributions have been largely documented in historical records. Leaders are not born they are made‚ and true leader leads by example. Sometimes people influence the way we live our lives. This could be a pastor‚ teacher‚ friend or manager. In any event‚ leaders must take the extra step and reach out to others. In order to be effective‚ a leader must be able to initiate and
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Marginal Revenue and Marginal Cost An understanding of marginal revenue and marginal cost is economically crucial to owning and operating a successful business. Marginal revenue is the amount of change in total revenue by selling one additional product. So if a company sells four extra unit of product and brings extra total revenue of 500 dollars than the marginal revenue for this month would be 125 dollars. This is found by taking the change in total revenue‚ 500 dollars‚ and dividing it by the
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From an automobile accident to an injury at work or even a mistake made by a medical care professional‚ personal injury law covers a very broad range of incidents. There are many factors. A lot depends on the severity of injuries‚ whether the incident is covered under an insurance policy and a certain level of clarity for who is at fault. Seeking the assistance of an experienced personal injury lawyer - who can help shed light on those factors - will help you to move easily through the process of
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Economic Utility Student BUS 640: Managerial Economics Professor Date Economic Utility People have long made condescending declarations that theories do not have any practical application to real world problems. But‚ the problem with people who make comments such as those is that they have not learned how to properly use theories to aid in breaking down real world processes. Profitable solutions usually require that people understand how the real world functions‚ which is often far too
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DIMINSHING PUNJABI Punjabi (Gurmukhi: ਪੰਜਾਬੀ; Devanagari: पंजाबी; Shahmukhi: : پنجابی) Is an Indo-Aryan language spoken by 130 million native speakers worldwide‚ making it the 10th most widely spoken language in the world. It is the native language of the Punjabi people who inhabit the historical Punjab region of Pakistan and India. Punjabi emerged as an independent language in the 12th century. The Sikh religion originated in the 15th century in the Punjab region and Punjabi is the predominant
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MARGINAL COSTING Introduction Even a school-going student knows that profit is a balancing figure of sales over costs‚ i.e. Sales - Cost = Profit. This knowledge is not sufficient for management for discharging the functions of planning and control‚ etc. The cost is further divided according to its behavior‚ i.e.‚ fixed cost and variable cost. The age-old equation can be written as: Sales - Cost = Profit or Sales - (Fixed cost + Variable Cost) = Profit. The relevance of segregating costs
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to get it Rational people think at the margin People respond to incentives The first principle can be summarized with the following phrase “There’s never a free lunch” every time that you need something you have to give something in return. One example is an employee that needs a particular day off. He could just miss work and not get paid or ask for a change of schedule and not miss work. This allows flexibility or compromise between parties. Previous to making any decisions on the trade off you
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