Law of diminishing marginal rate of technical substitution

Assignment Help Microeconomics
Reference no: EM1370406

What's the difference between the law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution?

Reference no: EM1370406

Questions Cloud

Create a mealy machine which produces the output : Create a Mealy Machine which produces the output of 1 whenever discrepancy in above pattern is detected, and produces the output of 0 otherwise. Write states meaningful names.
Calculate the required preretirement real annual savings : Calculate the required preretirement real annual savings necessary to meet your consumtion goals. Compare to your answer (b). Why is there a difference?
Explain what organizational structures does the organization : Explain What organizational structures does the organization should use to facilitate effective performance? How does it perform planning and resource-allocation functions?
Determine the amount of expense : You have the alternative of leasing an asset for $100,000 a year, with payments to be made at the end of each year of use. This lease cannot be cancelled.
Law of diminishing marginal rate of technical substitution : What's the difference between the law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution?
Evolution of organizational structure and socialization : How has the structure of today's organization changed from the organization of the past? What is the most significant event in the evolution of organizational structure? Defend your response.
Design program that stores information of products : You are asked to design a program that stores information of given products. Your program must be menu driven. The program menu must include the following options: Add product information (Ask user to input product id, name and price)
Explain reports are an essential part of communication : Explain Reports are an essential part of communication and as we have discussed, communication is best when it is targeted for its audience.
What are bioengineered foods : What are bioengineered foods and how much of our current food supply is bioengineered?

Reviews

Write a Review

Microeconomics Questions & Answers

  Economics-decision making in multi-national firms

Can you articulate how macroeconomics and microeconomics come into play in the context of firm decision-making in a global business. Please provide an example.

  Determining market situation

Describe a market situation in which the operating company faces economic difficulties and need to cut costs. What cost cutting strategies may the operating company employ to remain profitable?

  Determining breakeven output-total sales revenue

Find out the breakeven output and total sales revenues. Estimate the output that would generate total profit of 60,000 and total sales revenue at that output level.

  Economic choices-labor shortages

Mention two economic choices you had to make with in last week. Alfred Marshall said in 1890s, "economics is the study of man in ordinary business of life." You must examine one or two of these choices in terms of alternatives you gave up.

  Price leadership model

When the CR = 80%, is the market efficient when the market behavior follows the price leadership model?

  Determine average fixed cost

If the total cost of producing 20 units of output is $1000 and the average variable cost is $35, what is the firm's average fixed cost at that level of output?

  Computing revenue maximizing price

If the goal of the transit authority was to maximize total revenues, what is the new price it should set? Also, what would the total revenue raised in this new price scheme?

  Concept of elasticity

Evaulate the price elasticity of demand for subway rides. The subway fare in your town has just been increased from the current level of 50 cents to $1.00 per ride.

  Pricing strategies-equilibrium price

What is the competitive equilibrium price per ride and what is the equilibrium number of rides per day? How many boats will there be in equilibrium? In this competitive market, what is the aggregate profit?

  Future economic glowth

Future economic glowth

  Derive the marginal product functions

Describe the market growth rate for product and service.

  Compute number of units and unit price

Consider a market characterized by the following inverse demand and supply functions: PX = 10 - 2QX and PX = 2 + 2QX?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd