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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.
Rule subtract 7 in 14 out is?
The "Rule subtract 7 in 14 out" refers to a specific mathematical or logical rule that involves taking an input, subtracting 7 from it, and then producing an output that is 14 more than the result of that subtraction. For example, if you start with a number ( x ), the output would be ( (x - 7) + 14 = x + 7 ). This means that the final output is effectively the original input increased by 7.
How do you calculate averadge product?
Average product is calculated by dividing the total output produced by a firm by the number of units of a variable input used in the production process. The formula is: Average Product (AP) = Total Output (Q) / Quantity of Variable Input (L). This measure helps assess the efficiency of input usage in producing goods or services.
What is output work divided by output force?
Output distance is.
What you an output in math?
No, I am not an output in math.
While producing less then the competitive output decreases social welfare. Can it be said about producing more than the competitive output?
Yes
Is the increase in efficiency gained by producing more output without using more inputs?
savings
The profit-maximizing level of output for this firm?
Answers for If A Firm Is Producing A Level Of Output Where MR Exceeds MC, Would It Improve Profits By Increasing Output, Decreasing Output Or Keeping Output Unchanged?
What is the marginal cost of the 8th unit of output?
it is the difference between the total cost of producing 8 units and 7 units of output.
The most common type of device for producing hard copy output?
A monitor
What is an example of technological progress?
producing more output by revamping operation methods of the assembly line
Is the increase in efficiency gained by producing more output without using more inputs.?
savings
What is over production?
what is overproduction during natural selection using Darwin's theory? over production is producing something beyond the requirement , that is producing an output above the equilibrium .
Where was The nations first steam-powered sawmill built?
The nation's first steam-powered sawmill was built in 1829 in Batavia, New York. This innovative mill marked a significant advancement in lumber production, utilizing steam power to enhance efficiency and output compared to traditional water-powered mills. It played a crucial role in the development of the timber industry in the United States.
The extra cost of producing one additional unit of output is called?
marginal cost
When charted on a graph producing possiblities frontiers tend to curve because they show?
the increasing costs resulting in increasingly less output
In the long run a pure monopolist will maximize profits by producing that output at which marginal cost is equal to?
marginal revenue
