MICRO-ECONOMICS ASSIGNMENT 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
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Group Productivity 25 January‚ 2014 Introduction A research study has been requested on the productivity of a group’s productivity within a well-known and successful retail store. Every group will have problems‚ but it is important to understand that the problems can be identified and corrected if proper steps are taken. This paper details how the research was conducted‚ the observations that were noted as being subpar to great teamwork‚ how those things affect the productivity
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“The Diminishing Influence of Biblical Values in Public Life Today” Thomas Jefferson called him “truly the man of the Revolution” and he will always be remembered in American history for his important contributions to the American Revolution. This man is Samuel Adams‚ “the Father of the American Revolution.” A graduate from Harvard University‚ Samuel Adams failed in business before becoming a politician. Although‚ he was a popular leader in America‚ many controversies surrounded him. He was one
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Marginal Costs and Benefits Marginal analysis is a technique used in microeconomics by which very small changes in specific variables are studied in terms of the effect on related variables and the system as a whole. Marginal costs and benefits are a vital part of economics because they help to provide the relevant measurement of costs and benefits at a specific level of production and consumption (McCain‚ 2008). This is the reason why I’ve chosen this topic for my paper. We use economics
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be obtained for their industry. Marginal revenue‚ marginal cost‚ total cost and profit-maximizing are some of the concepts that are analyzed when making business production decisions. Marginal revenue is the total revenue that is changed when one more unit of output is produced. The total revenue is determined by multiplying the unit price by what quantity the company can sell. The total revenue increases when the first unit is purchased and equals the marginal revenue. When the second unit is
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The Value of Marginal Places In the essay “In Praise of Margins” by Ian Frazier‚ Frazier mentions that the world is a place where adults tend to get caught up in. They do not realize that what they need is that place to breath. He says that marginal places and activities‚ when he was a kid‚ were a waste of time‚ but once he was older and saw his child have their marginal “moment” playing‚ in the steam instead of fishing‚ he realizes the importance as an adult. He mentions that we all have a place
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Absorption and marginal costing (Relevant to AAT Examination Paper 3: Management Accounting) Li Tak Ming‚ Andy Deputy Head‚ Department of Business Administration‚ Hong Kong Institute of Vocational Education (Kwai Chung) Introduction Absorption costing and marginal costing are alternative cost accumulation systems used to ascertain product or job costs for inventory valuation and cost of sales. Absorption costing Absorption costing includes both variable and fixed production costs in the
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IA 710 CLASS 1 Scarcity‚ shortage and substitutability 1. Answer all parts: a) What do you think is meant by the concept of constrained choice? Why is economics often described as the science of constrained choice? b) Explain how scarcity‚ choice and opportunity cost are relevant when choosing amongst alternatives? 2. Define the concept of “opportunity cost” and discuss various examples. 3. Explain how the concept of opportunity cost may be used to explain the following:
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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
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the topic of productivity. Is the United States still productive and/or competitive in manufacturing from a World Class standpoint? The United States is still producing and competing in the manufacturing sector on a global basis‚ but could be performing at a higher level. In 2009‚ the US had the highest increase in manufacturing productivity (due largely‚ I would think‚ to new technology) and also had a decline in unit labor costs. (Wall Street Journal) While U.S. productivity is increasing
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