"Explain The Law Of Diminishing Marginal Returns" Essays and Research Papers

Explain The Law Of Diminishing Marginal Returns

LAW OF DIMINISHING MARGINAL UTILITY: The law of diminishing marginal utility describes a familiar and fundamental tendency of humanbehavior. The law of diminishing marginal utility states that: “As a consumer consumes more and more units of a specific commodity, the utility from the successiveunits goes on diminishing”. Mr. H. Gossen, a German economist, was first to explain this law in 1854. Alfred Marshal later onrestated this law in the following words: “The additional benefit which a person...

Consumer theory, Economics, Indifference curve 1275  Words | 4  Pages

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David Ricardo: Law of Diminishing Returns

essay I willexamen some of Ricardo's economic theories with a focus on the law of diminishing returns. David Ricardo is responsible for the creation as well as the development of a number ofkey economic theories which allowed past and current economist to better understand todaysever changing economy. The three accomplishments that Ricardo has received most credit for arethe labor theory of value, the law of diminishing return as well as the Barro Ricardo equivalence4. The labor theory of values are...

Adam Smith, Classical economics, David Ricardo 1504  Words | 4  Pages

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Distinguish between the law of diminishing returns and returns to scale.

The law of diminishing returns only applies in the Short Run, when only one factor of production is variable and can be increased. The other factors of production are fixed. Thus as the variable factor of production is increased the marginal product of that factor will rise at first, but will at some point begin to fall. Returns to scale can only occur when no factors of production are fixed. If the quantities of all of the factors of production are increased, then output will also increase. However...

Average cost, Cost, Diminishing returns 861  Words | 3  Pages

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Law of Diminishing Productivity

The Law of Diminishing Marginal Production Econ 31514 Shenika De Silva SS/2009/087 Content 1. Introduction 2. Production 3. Stages of Production 4. Production Function 5. Production Time Periods 6. Marginal productivity Theory i. Diminishing Marginal Productivity ii. Example 1 iii. Example 2 7. References Introduction Diminishing returns, also called law of diminishing returns or principle...

Capital, Diminishing returns, Economics 2141  Words | 7  Pages

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Marginal Returns and Free Is Not Free

levels up. ◦ Explain carefully in terms of production theory why it might be that no amount of "cracking down" can increase worker productivity at CF&D. ◦ Provide an alternative to cracking down as a means of increasing the productivity of the sheet metal workers. Fully explain your alternative in terms of production theory. This scenario where adding more workers or employees results in a diminished productivity is a classic example of the principle of diminishing marginal returns to a variable...

Cost, Costs, Diminishing returns 925  Words | 3  Pages

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Distinguish between economies of scale and diminishing returns

Distinguish between diminishing returns and economies of scale (15 marks) In Business Economics, the short run is defined as the concept that within a certain period of time, in the future, at least one input is fixed while others are variable and the long run is defined as a period of time in which all factors of production and costs are variable. The law of diminishing returns is a short run concept, which states that increasing successive units of a variable factor to a fixed factor...

Average cost, Cost, Costs 714  Words | 2  Pages

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Law of Equi-Marginal Utility

Law of Equi Marginal Utility According to this, a consumer is in equilibrium when he distributes his given money income among various goods in such a way that marginal utility derived from the last rupee spent on each good is the same. Assumptions The main assumptions of the law of equi-marginal utility are as under: (1) Independent utilities. The marginal utilities of different commodities are independent of each other and diminishes with more and more purchases. (2) Constant marginal...

Consumer theory, Economics, Hermann Heinrich Gossen 1325  Words | 4  Pages

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The law of diminishing marginal utility

1)The law of diminishing marginal utility means that the value of a good, the extra utility derived from good, declines as more of the good is consumed. The law of diminishing marginal utility pops up throughout the study of economics, it is most important to the study of demand and the law of demand. It offers preliminary insight into the age-old question: "Why does the demand curve have a negative slope?" The key to this connection is that the demand price that a buyer is willing and able to...

Consumer theory, Economics, Goods 535  Words | 2  Pages

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Diminishing Returns

Diminishing returns From Wikipedia, the free encyclopedia Jump to: navigation, search In economics, diminishing returns (also called diminishing marginal returns) refers to how the marginal production of a factor of production starts to progressively decrease as the factor is increased, in contrast to the increase that would otherwise be normally expected. According to this relationship, in a production system with fixed and variable inputs (say factory size and labor), each additional unit of...

Addition, Diminishing returns, Economics 2323  Words | 8  Pages

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law Of Diminishing Marginal Utility

Law of Diminishing Marginal Utility' A law of economics stating that as a person increases consumption of a product - while keeping consumption of other products constant - there is a decline in the marginal utility that person derives from consuming each additional unit of that product. EXPLANATION This is the premise on which buffet-style restaurants operate. They entice you with "all you can eat," all the while knowing each additional plate of food provides less utility than the one before...

Austrian School, Eating, Economics 558  Words | 2  Pages

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Diminishing Returns and Labor

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...

Coffee, Diminishing returns, Economics 699  Words | 3  Pages

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Marginal Productivity Theory

MARGINAL PRODUCTIVITY THEORY: A theory used to analyze the profit-maximizing quantity of inputs (that is, the services of factor of productions) purchased by a firm in the production of output. Marginal-productivity theory indicates that the demand for a factor of production is based on the marginal product of the factor. In particular, a firm is generally willing to pay a higher price for an input that is more productive and contributes more to output. The demand for an input is thus best termed...

Diminishing returns, Economics, Economics of production 926  Words | 4  Pages

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Law of Returns to Scale

THE LAWS OF RETURN TO SCALE The laws of return to scale explain the behavior of output in response to a proportional and simultaneous change in input. Increase in inputs proportionately and simultaneously is in fact expansion of the scale of production. Statement: “As a firm in the long run increases the quantities of all factors employed, other things being equal, the output may rise initially at a more rapid rate than the rise of increase in inputs, then output may increase in the same proportion...

Economics of production, Function, Input 704  Words | 3  Pages

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Explain and Illustrate with Diagrams the Differences Between Diminishing Marginal Returns and Decreasing Economies of Scale and Cite Causes and Examples

Q(1) Explain and illustrate with diagrams the differences 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...

Diminishing returns, Economics, Economics of production 582  Words | 2  Pages

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Explain How the Law of Diminishing Returns and Returns to Scale Affect a Firm's Cost of Production (20 Marks)

Explain how the law of diminishing returns and returns to scale affect a firm’s cost of production (20 Marks) The law of diminishing returns exist when increasing quantities of a variable input are combined with a fixed input, which eventually leads to the marginal product and the average product of that variable input will decline. Diminishing returns can affect a firms cost of production negatively in the short run. An example of this is that a business had 2 factors of production; Capital, which...

Economics, Economics of production, Microeconomics 697  Words | 2  Pages

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Law of Diminshing Returns

Demands of the question 10 marks (paper 2) 20 minutes on it Explain the law of diminishing returns using average and marginal product curves Definition Law of diminishing returns refer to how the marginal production of a factor of production starts to progressively decrease as the factor is increased, in contrast to the increase that would otherwise be normally expected. Triple A Law of diminishing returns – as more and more of a variable factor is added to a fixed factor, output will...

Average cost, Cost, Cost curve 436  Words | 2  Pages

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Managerial economics (True-False-Uncertain/Explain in a short Essay (not more than 4 lines each))

Answer all questions Part A (True-False-Uncertain/Explain in a short Essay (not more than 4 lines each)) 1. If a firm raises its price for Product X, TR will increase. Uncertain, Total revenue = Price × Quantity Sold. The price elasticity of demand tells us there are two effects, first is price effect. If price increase, each unit sold sells for a higher price, which tends to raise revenue. Second is quantity effect. If price increase, fewer units are sold, which tends to lower revenue. This...

Consumer theory, Diminishing returns, Economics 2042  Words | 9  Pages

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Law of Diminishing Marginal Utility

Then come up out of the water, that first breath is wonderful -- tremendous utility. That is utility - the meeting of a need or being satisfied. Now Marginal Utility is the change in utility from one more good or service being consumed. So the amount of utility from the first cup of coffee or that first breath is huge. Diminishing Marginal Utility is the fact that each addition good or service consumed, creates a smaller and smaller amount of additional utility. In the examples above, that...

Economics, Function, Indifference curve 414  Words | 2  Pages

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Law of Deminishing Return

Law of Diminishing Returns The Law of Diminishing Returns says that when some inputs are fixed in capacity in the short run, increasing the variable input working with the fixed inputs would first lead to increasing additional output per additional unit of variable input, but eventually decreasing additional output per additional unit of variable input after the optimal capacity of the fixed input has been exceeded. Let's look at a simple short-run production process where there is a fixed input...

Diminishing returns, Economics, Economics of production 550  Words | 2  Pages

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Consumer Behaviour and Marginal Utility

me. Thanks Sultan Lashari 10 2629 LETTER OF TRANSMITTAL TO: Sir Michael Simon, Instructor micro economics FROM: Sultan Lashari, 10K 2629 DATE: 29th/November/ 2010 SUBJECT: Consumer behavior and Marginal utility We present our report on “CONSUMER BEHAVIOR AND MARGINAL UTILITY” that was assigned to us. This report provides information related to rational behavior of individual and utility of individual This report is divided into some parts, such as the INTRODUCTION. This part...

Consumer theory, Decision theory, Economics 1269  Words | 6  Pages

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Consumer Expenditure and Equi-Marginal Utility

Consumer Expenditure and Equi-marginal Utility Consumer behaviour theory tries to explain the relationship between price changes and consumer demand. Utility is a concept used to denote the subjective satisfaction or usefulness attained from consuming goods and services. This concept helps to explain how consumers divide their limited income / resources among different choices of goods and services that help attain them satisfaction (utility) The issue however is how we are supposed to measure...

Budget constraint, Consumer theory, Indifference curve 1705  Words | 6  Pages

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Equi Marginal Utility

high accuracy high resolution, anywhere www.LidarUS.com [pic][pic][pic][pic][pic][pic]Find Answers for: What Is Equi-marginal Utility? [pic] 1   In economics [pic] it is known as law of Equi-marginal Utility. It basically shows the behavior of a consumer in allocating his limited earnings among different goods and services. In short this law tells that how a consumer distributes his earnings between set of goods so as to get maximum satisfaction. Great Answer Report Xarsh 3...

Consumer theory, Economics, Good 695  Words | 4  Pages

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Diminishing Marginal Productivity: Strong Connection between Marginal Cost and Marginal Product

goods that a firm is manufacturing is in direct connection with the marginal product. Sometimes, less is more and less employees using the right equipment and technologies are able to perform much efficient that a greater number of employees that are using old tools in their activity. . As you well said, marginal cost and marginal product are strongly connected. When the value of the marginal cost is dropping, the value of the marginal product is raising and vice-versa. The quantity of the inputs can’t...

857  Words | 3  Pages

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Japanese: the Law of Inverse Returns

Japanese: The Law of Inverse Returns Scott Barlow December 6, 1996 Shoji Azuma Japan 355 - 1 The law of inverse returns states that the better the foreign learner's Japanese is, the worse the reaction of the Japanese native population will be to the learner's use of Japanese. In this paper, I argue that the better the learner's Japanese is, the better the treatment to the learner of Japanese from native Japanese. I will argue this point by making three statements and then provide opinions and reactions...

Anime, Hiragana, Japan 2141  Words | 6  Pages

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Analyze, with the Aid of a Diagram, Whether There Is Link Between Diminishing Returns and Economies of Scale.

Analyze, with the aid of a diagram, whether there is link between diminishing returns and economies of scale. (12) Variable factor is an input whose quantity can be changed in the time period consideration. Fixed factor is a production input factor that cannot change quantities during a certain time period. Short run is where at least one factor is fixed, usually capital. Long run is where all factors are variable Marginal product (MP) is the extra output from hiring an additional unit of...

Average cost, Cost, Cost curve 1141  Words | 4  Pages

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Microeconomics Questions on Budgets, Consumer Theory, and Theory of Marginal Utility

Lina’s budget constraint. Shade in Lina’s choice set. On the graph show how LIna’s budget constraint will be affected if the price of gum increases to $.50. [pic] 3. When the price of raisins falls, the quantity of raisins demanded rises. Explain this change in terms of income and substitution effects. When the price of raisins falls, households have more purchasing power than before. If raisins are a normal good, this means that they will consume more of them. This is the income...

727  Words | 3  Pages

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Economic Laws

ECONOMIC LAWS Concept of Law: Law means “rule or conduct”. A law expresses the causal relationship between two sets of phenomenon. Like other sciences, economics also collects facts and undertakes their systematic study. The facts are analysed and conclusion drawn. These conclusions establish causal relationship between the concerned facts. These are called laws or generalisations. Collection of facts ⇨ Systematic Study of facts ⇨ Establishment of facts ⇨ Analysis of facts ⇨ Conclusion has...

Consumer theory, Economics, Karl Marx 1155  Words | 5  Pages

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Explain Natural Law Theory

Explain Natural Law theory In this essay, I will discuss the theories behind Natural Law, as well as the qualities it is seen to possess. I will explain Aquinas’ concepts and theory on Natural Law, discussing eudaimonia and the doctrine of the double effect. Finally, I will reflect on some of the positive and negative aspects, in summarising Natural Law theory. It is important to highlight that Natural Laws differ from acts which occur naturally. There are many aspects to Natural Law, the first...

Ethics, Metaphysics, Morality 1143  Words | 3  Pages

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Explain the meaning of law and morality

Explain the meaning of law and morality. Discuss whether the law does and should seek to uphold moral principles. (30 marks + 5 marks for AO3). Laws and morals are quite similar in some ways but they also have their differences. Law is best described as rules made by authority. John Austin defined law as a command from a sovereign power, law needs to be obeyed and is enforced through sanctions. Morality on the other hand is values and principles as opposed to rules. Phil Harris defines a society's...

Aesthetics, Ethics, Law 1533  Words | 3  Pages

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Explain the Theory of Natural Law

January 2001 Explain the theory of Natural law (25 marks) The theory of natural law originates from Aristotle’s idea of goodness as fitness for purpose and stoic’s concept of a universal law of reason which is in agreement with nature. What we now call human nature. This point is then furthered by Aquinas who agrees with the argument but furthers it by linking it with his Christian belief by saying following this law is equivalent to following the command of God as human nature is in us inbuilt...

Aristotle, Divine law, Human 1800  Words | 4  Pages

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Marginal Utility Theory

Discuss whether marginal utility theory is a realistic piece of economic analysis in explaining consumer demand. [13marks] Marginal utility is the extra satisfaction gained from the consumption of an additional unit of a good or service. It can be specified as the change in total utility divided by the change in quantity. The concepts of market demand and law of demand often utilized marginal utility as the backbone, the theoretical basis. An example would be the demand curve, which is usually...

Consumer theory, Economics, Giffen good 1034  Words | 3  Pages

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Managerial Economics

usage do increasing marginal returns exist? Increasing marginal returns from point 0 units of VC to 3 units. Gus Bonilla MBA 217 Managerial Economics Individual Assignment g. Over what range of the variable input usage do decreasing marginal returns exist? From unit #4 of Variable input (K) onwards there will be decreasing marginal returns h. Over what range of input usage do negative marginal returns exist? From input units 7th onwards there will be negative returns, as the firm incurs...

Costs, Diminishing returns, Economics 673  Words | 3  Pages

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Explain the Natural Law Theory

Natural law is a theory that stretches across all cultures and ways of life. It is a universal theory that says there are definite rights and wrongs. For instance; taking human life is definitely wrong. In this respect, Natural Law is the parallel of Moral Relativism, as if you live by a Moral Relativism approach to ethics, then no actions are always right or always wrong. That is to be decided by the outcome of an action. It is important to highlight that Natural Laws differ from acts which occur...

Aristotle, Ethics, Human 922  Words | 3  Pages

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Marginal Paper

The Law of Diminishing Marginal Productivity considers the shrinking returns mainly in words of marginal, non-average, and productivity. “When the technology of production and some of the inputs are held constant and the quantity of a variable input increases continually, the marginal productivity of the variable input will eventually decline” (The Law of Diminishing Marginal Productivity, n.d. Average and Marginal Productivity 2 section, para. 2). WalMart does not have to be excessively...

Competition, Cost, Costs 547  Words | 2  Pages

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Tax Return

Tax Return Position Terrence Bellamy ACC/455 – Corporate Taxation April 15, 2013 John Nadalet Tax Return Position What position should you take on tax return? Decision-making is loosely defined as the cognitive process or reaching or making a certain choice based on physical, mental, and emotional reasoning. (“Define Decision Making”, 2013.) I have found myself making several decision on tax returns every year, some small, and others large and life altering. People can found themselves seriously...

Income tax in the United States, Internal Revenue Service, Law 766  Words | 3  Pages

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Explain Natural Law theory essay

Explain Natural Law Theory’! (25 marks)! ! Natural Law is an ethical system based on the view that humans have asset of natural inclinations that, if followed, will lead to the perfection of our being. Natural Law has its roots in Greek and Roman philosophy and is traditionally associated with the work of Aristotle. The Bible taught Aquinas that God had created the universe with order and purpose. Having discovered this thought scripture, Aquinas developed these ideas. His explanation of how Natural...

Aristotle, Divine law, Human 1604  Words | 2  Pages

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Important Questions Chapter Wise

|| HSEB (grade 12)    Unit 1:  Market Economy, Demand, Supply, Equilibrium of Demand Supply Long Question  1. Explain the law of demand.Give its exception? 2. What is shift in demand curve? what are its causes? 3. Explain causes of rightward shift in demand curve and causes of rightward shift in supply curve? Short Question 1. Explain law of supply and shift in supply curve? 2. Explain market economy? Unit 2: Elasticity of Demand and its measurement. Long Question  1. What is price elasticity of...

Consumer theory, Cross elasticity of demand, Economics 529  Words | 2  Pages

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Monopoly and Fair Return

Chapter 10 (Tentative Due Date: by November 1) Question 2: Discuss the major barriers to entry into an industry. Explain how each barrier can foster either monopoly or oligopoly. Which barriers, if any, do you feel give rise to monopoly that is socially justifiable? LO1 The major barriers to entry in an industry are economies of scale, legal barriers such as patents & licenses and other strategic or pricing barriers. Economies of scale occur only in large firms who are able to reach a minimum...

Competition, Economics, Inverse demand function 935  Words | 3  Pages

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Marginal Deterrence Is One of the Most Important Messages from the Economics of Crime. Explain the Role of Marginal Deterrence and Its Practical Applicability

figures of this type need to be examined in detail. For example, these figures do not show whether the British Government has possibly ‘over spent' on crime. Looking at figures of this type do not show the relevance of economic techniques, i.e. marginal deterrence, which was first introduced by Stigler in 1970. This paper has taken a comprehensive, but limited view on the relevance of economics and crime. Economics can have controversial ideas, and this can be expressed in terms of crime. Economic...

Capital punishment, Crime, Crime prevention 2300  Words | 6  Pages

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Mr Kamarakeh

which the consumer is indifferent, or combination which will yield the same level of satisfaction. Explain the consumers’ equilibrium under the assumptions of ordinal approach. Answer: The consumer is in equilibrium when he maximizes his utility, given his income and the market prices. Two conditions must be fulfilled for the consumer to be in equilibrium. The first condition is that the marginal rate of substitution be equal to the ratio of commodity prices. This is necessary but not sufficient...

Cost, Costs, Decision making 1326  Words | 6  Pages

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Econ201

Professor Ellis Economics 200 Final Examination Winter 2010 Please answer all questions and write legibly. You must explain your answers. 1. The Law of Diminishing Returns (20 points) During the 14th century, the Bubonic Plague reduced the population of England by one-third in three years. Historians report that afterwards, the prices of goods rose, but wages (incomes) of the survivors rose even more, resulting in higher real incomes for the survivors. Incidentally, the medium of exchange...

Black Death, Economics, Employment 557  Words | 3  Pages

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Marginal Cost and Revenue Marginal Revenue

3.05 Marginal Cost Analysis Name:______________________________________________ Step One: Launch the data generator to get started (located in the last page of the lesson, or use the numbers given below: Quantity Price (in whole dollars) Total Revenue Marginal Revenue Total Cost Marginal Cost Profit (or loss) 0 42 0   35     1 41 41   68     2 40 80   94     3 39 117   107     4 38 152   114     5 37 185   129     6 36 216   180     7 35 245   235     8 34 272   296     Step Two: Determine a product...

Cost, Costs, Economics 403  Words | 2  Pages

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Production and Cost Analysis

illustrate my proficiencies in Microsoft excel.   1. Complete the table (Table 1) below, then draw the following curves: • Short-run average product (AP) curve. • Short-run marginal product (MP) curve. Amount of labour( units) Amount of capital(No. of machines) Output (hundreds) Average product (Q/L) Marginal product(∆Q/∆L) 0 5 0 - - 1 5 49 49 49 2 5 132 66 83 3 5 243 81 111 4 5 376 94 133 5 5 525 105 149 6 5 684 114 159 6.6 5 792.59 120.09 180.98 7 5 847 121 163 8 5...

Cost curve, Diminishing returns, Economics 649  Words | 3  Pages

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Marginal Costing

meeting, we have evaluated the different proposals and come up with one project that we recommend. In doing this, we have calculated the change in profits compared with the draft budget and compiled the Break-even charts to justify our recommendation. Marginal Costing Profit Statement of the draft budget £(000) £ (000) Sales 1000 Less Cost of sales: Direct Materials 320 Direct wages 200 Variable factory overheads 100 (620) Contribution 380 Less Fixed...

Cost, Costs, Decision making 1282  Words | 7  Pages

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Microeconomic Assignment

few years by the patent law, however it cannot generalise the result of monopolist scenario to all drug markets. 2. Independency of two markets This article assumes that the two markets are perfectly separated. It states that neither leakage nor arbitrage occurs between the two markets, but it is excessively theoretical. In the modern capitalistic world, goods are transferred to any places where they are possibly sold at. Although the trade could be blocked by the law, there must be some leakage...

Costs, Diminishing returns, Economics 808  Words | 3  Pages

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Marginal Costing

What is Marginal Costing? What are its features? What are the basic assumptions made by Marginal Costing? Marginal Costing is ascertainment of the marginal cost which varies directly with the volume of production by differentiating between fixed costs and variable costs and finally ascertaining its effect on profit. The basic assumptions made by marginal costing are following: - Total variable cost is directly proportion to the level of activity. However, variable cost per unit remains constant...

Cost, Costs, Economics of production 1073  Words | 5  Pages

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Cost of Production & different types of cost of production

costs Given that total fixed costs (TFC) are constant as output increases, the curve is a horizontal line on the cost graph. Total variable costs The total variable cost (TVC) curve slopes up at an accelerating rate, reflecting the law of diminishing marginal returns. Total costs The total cost (TC) curve is found by adding total fixed and total variable costs. Its position reflects the amount of fixed costs, and its gradient reflects variable costs. Average fixed costs Average fixed costs...

Average cost, Cost, Costs 667  Words | 7  Pages

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Marginal Costing

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...

Cost, Costs, Economics 1553  Words | 5  Pages

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law

Florence Low Poh Geok Program / Intake: BCom27 Module: Commercial Law Lecturer: Daniel Theyagu Student ID: 32736209 Program Manager: Hazel Ong / Ang Kang Ling Total Words Count: 1998 Question 1A The legal point in question is whether Leila advertisement constitutes a binding contract and that she go can back on her promise of paying the reward $50 to Julie for returning the gold chain and locket to her. Relevant principle of law relating to this issue is that an advertisement made to the world...

Breach of contract, Contract, Contract law 2179  Words | 13  Pages

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Marginal Cost and Total Profits

and sells a line of sewing machines. Monthly demand for one its most popular models is given by the following relationship: Q = 400 – 0.5P where P is price and Q is quantity demanded. Total costs of production (including a “normal” return on owners’ investment) per month are: C = 20,000 + 50Q + 3Q2 a. Express total profits (() in terms of Q. b. At what level of output are total profits maximized? What price will be charged? What are total profits at this output...

Costs, Economics, Game theory 641  Words | 4  Pages

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Law essay

Qn5: Explain the role of Khula in traditional Hanafi Law, in traditional Maliki Law and in the present law of Egypt. Under Islamic law, divorce can take place in three forms, namely by talaq (repudiation of wife by husband), by khula (by mutual consent) or by faskh (decree of the court dissolving the marriage). It can be said that If Talaq is defined as the right specifically granted to men to divorce their wifes , khula can be said to be its equal for women as it gives them the right to raise...

Alimony, Contract, Court 1570  Words | 4  Pages

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marginal costing versus lifecycle costing

Historical Development of Marginal Costing Marginal cost is the change in the total cost that arises when the quantity produced has an increment by unit. That is, it is the cost of producing one more unit of a good. In general terms, marginal cost at each level of production includes any additional costs required to produce the next unit. The concept of marginal utility grew out of attempts by economists to explain the determination of price. The term “marginal utility”, credited to the Austrian...

Cost, Costs, Economics 1964  Words | 4  Pages

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Business Law

a) Identify aspects of the media report that relate to the law This article reports about the case filed by Anastassia Zissis suing McDonald’s after the slip on at the back of the Myer Centre. Anastassia Zissis injured due to slip on liquid that been spilled in an access passage. These gave rise to different areas of law such as: Contract Law According to Lambiris (2012), the Contract Law is the law about private agreement that give rise to enforceable responsibilities and rights legally...

Common law, Contract, Contract law 982  Words | 3  Pages

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Product Lifecycle of the MP3 Player Discusses: Nolan/Norton Technology Cost, Product Life Cycle, and Stages of Production.

decline and marginal competitors flee the market, leaving only those competitors who are entrenched in the market and have significant market shares. Stages of Production Every product/service is subjected to the Law of Diminishing Returns; it is an inescapable fate. The Law of Diminishing Returns states that at some point, equal increases in variable inputs will result in smaller and smaller increases in output. The Law of Diminishing returns typically sets in at the growth stage and marginal product...

Costs, Economics, Economics of production 1124  Words | 4  Pages

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crystalyoo

 Unit 3: Costs of Production and Perfect Competition Production and the Law of Diminishing Marginal Returns* Calculate MP. Plot TP and MP on Graph Number of Workers Total Product Marginal Product 0 0 1 5 2 15 3 19 4 20 5 20 6 18 Define the Law of Diminishing Marginal Returns After which worker does diminishing marginal returns set in? Output 20 15 10 5 0 1 2 3 4...

Cost, Costs, Economics 267  Words | 5  Pages

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Week 2 assement for ECO/365

ECO 365 - Week 2 Discussion Question Answers DQ 1: Why is the demand of labor a derived demand? Explain the shape of the supply of labor curve. What is the relationship between productivity and the wages earned by an employee? What are some factors that determine the level of your income? The concept of derived demand occurs when the demand of product exists due to demand of another product. In this case, demand of a labor is a form of derived demand, because the amount of labor hired will...

Diminishing returns, Economic growth, Economics 641  Words | 2  Pages

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Business Law

OUTLINE 1. Introduction: The nature and function of the law Administrative matters The first part of the seminar covers an explanation of how to successfully study in this course. In particular you need to understand: • • • The tuition pattern of the course; that it operates as a package: three hour seminar (lecture and case study), prescribed readings, E-tutorial and revision notes. How to download and install the First Principles of Business Law E-tutorial software. There is an early piece of assessment...

Business, Civil law, Common law 1366  Words | 5  Pages

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Short Run and Long Run

product is the total output divided by the number of units of the variable factor of production employed (e.g. output per worker employed or output per unit of capital employed) * Marginal product is the change in total product when an additional unit of the variable factor of production is employed. For example marginal product would measure the change in output that comes from increasing the employment of labour by one person, or by adding one more machine to the production process in the short...

Diminishing returns, Economics, Economics of production 1328  Words | 4  Pages

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utility questions

for value but value is not just in the price (a) Explain the theoretical link between utility, price and the demand for a product. [12] (b) Discuss whether the economic analysis of a rational consumer estimating demand based at value (utility) is valid not only for standard products but also for poor quality and luxury products [13] 2011 October /November section B 2. (a). explain the link between a consumer’s expenditure and the Equi-marginal principle of utility [12] (b). analyses what is...

Bottled water, Economic system, Economics 748  Words | 3  Pages

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Above Average Returns

Model The I/O (Industrial Organization) Model adopts an external perspective to explain that forces outside of the organization represent the dominate influences on a firm's strategic actions and is based on the following four assumptions: The external Environment The general, industry, and competitive environments impose pressures and constraints on firms and determines strategies that will result in superior returns. (External Environment à Organization) Most firms competing in an industry...

Das Model, Firm, Game theory 580  Words | 3  Pages

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