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The law of diminishing marginal productivity states that as more and more of a variable input is added to an existing fixed input, eventually additional output one gets from that additional input is going to fall?
Give an example from your work or personal life of the law of diminishing marginal productivity and how it might affect cost.
Business Week, in an article dealing with management, wrote, "When he took over furniture factory three years ago. Realized almost immediately that it was throwing away at least $100,000 a year worth of wood scrap.
Use the following information for a company's output at various levels of employment to compute: its marginal physical product of labor schedule; its schedule,
The manufacturer of high quality flatbed scanners is trying to decide what price to set for product. The cost of production and the demand for product are assumed to be as follows:
For each policy or event given below, please indicate if it will increase (+), decrease (-), or it is uncertain (+/-) how it will affect the economic variable on right-hand side.
Determine what is Risky Behavior Amoung Youths in Behavioral Economics and explain how does it affect the economy?
A portfolio manager is being evaluated based on the time-weighted average rate of return. If the manager had achieved annual returns for the past three years of 2.5 percent, 14.5 percent and 9 percent on one initial investment of $500,000,
A new manager recently was given an project to make two possible wage schemes for a design firm. The manager came up with the following packages:
Some of the electric generating plants of Tennessee Valley Authority are powered by coal. Coal is bought by a separate procurement division and is transferred to plants for use.
Suppose you are the manager of a company that produces products X and Y at zero cost. You know that different types of consumers value your two products differently,
The Manager of your corporation pension fund is compensated based entirely on fund performance; he received over $1.2 million last year.
A corporation requires $500,000,000 to finance a major project in the firm. The company is expected to generate a total of $80,000,000 in earnings next year with the addition of this project.
The Alex Corporation uses two inputs, A and B, to produce boats. The production function for boats is given through
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