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2. Suppose there is only one input to a production process. Is each of the conditions below possible? If so, describe a real-world scenario that would fit the conditions, and draw a production function that reflects this scenario. If not, explain why not. (a) The marginal product of the input is always positive; it increases at first, and then diminishes. (b) The marginal product of the input is always positive; it diminishes at first, and then it increases. (c) The marginal product of the input always diminishes; it is positive at first, and then it becomes negative. (d) The marginal product of the input always diminishes; it is negative at first, and then it becomes positive. 3. For each of the four conditions above, if you determine that it is possible, describe in words what the average cost, marginal cost, and supply curves would look like.
The United States is a net exporter of services to China. What does this imply about the magnitude of the deficit in the U.S. balance on goods and services with china compared with the size of the U.S. merchandise trade deficit with China? Why does a..
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