1. explain the relationship between total product, marginal product, and average product. 2. what is the...

1. explain the relationship between total product, marginal product, and average product.

2. what is the law of diminishing returns and does it explain the shape of the short run average cost curve.

Expert Solution

Rahul Sunny answered 2 years ago

Explain the relationship between total, marginal, and average product.

1) Explain the relationship between total, marginal, and average product. 2) Distinguish between fixed, variable and...

1) Explain the relationship between total, marginal, and average product. 2) Distinguish between fixed, variable and total costs. 3) Explain the difference between average and marginal costs.

b. Explain the relationship between total product, marginal product, and average product. [3 marks] c. What...

b. Explain the relationship between total product, marginal product, and average product. [3 marks] c. What is the law of diminishing returns and what does it explain the shape of the short run average cost curve. [3 marks] d. Why is the level of output at which marginal revenue equals marginal cost the profit maximizing output?

Explain the difference between total product, marginal product and average product.

1. What is the relationship between marginal cost (MC) and average total cost (ATC)? 2. What...

1. What is the relationship between marginal cost (MC) and average total cost (ATC)? 2. What is the difference between positive and normative statements? Which do economists generally consider the more persuasive statement type, and why? 3. What are the conditions needed for the Supply and Demand model to hold? 4. What is the difference between Quantity Demanded (Q_D) and Demand (D)?

3.2 Explain the relationship between average product and marginal product. (10 marks)

3.2 Explain the relationship between average product and marginal product.

Plot the total, marginal, and average products and explain in detail the relationship between each pair...

Plot the total, marginal, and average products and explain in detail the relationship between each pair of curves. Explain why marginal product first rises, then declines, and ultimately becomes negative. What bearing does the law of diminishing returns have on short-run costs? Be specific. “When marginal product is rising, marginal cost is failing. And when marginal product is diminishing. Marginal cost is rising.” Illustrate and explain graphically.

Question

1. explain the relationship between total product, marginal product, and average product. 2. what is the...

Solutions

Expert Solution

Related Solutions