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Describe a situation in which you feel the law of diminishing marginal productivity applies. What good or service is being produced, identify the fixed and variable inputs, what eventually causes the diminishing marginal productivity?

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Nusrat Fatima
Nusrat FatimaLv10
29 Sep 2019

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Related questions

The law of diminishing marginal productivity does not apply in the long run because:

A. some inputs are variable in the long run.

B. some inputs are fixed in the long run.

C. no inputs are fixed in the long run.

D. all inputs are fixed in the long run.

Provide a short example of how the law of diminishing marginal utility applies to a real-life situation. In your answer, explain why utility from consumption of this specific good or service increases quickly initially, peaks, and may eventually lead to decreasing utility.

AT LEAST two paragraphs, please

1. The slope of the total product curve measures

a. the marginal rate of technical substitution.

b. marginal product.

c. average product.

d. the maximum average product.

e. minimum product.

2. The Law of Diminishing Returns to a variable input (such as labor) assumes that

a. there is at least one fixed input.

b. all inputs are changed by the same percentage.

c. the firm is operating in the short run.

d. all inputs are held constant.

e. a and c.

3. An isoquant curve identifies

a. the maximum output possible, given a fixed budget.

b. the different combinations of goods the can be produced, given fixed amounts of inputs.

c. the different combinations of inputs that can be used to produce a fixed rate of output.

d. none of the above.

4. The ratio of total productivity to the total quantity of a variable input being used in production is

a. equal to marginal physical productivity of the input.

b. constant as employment levels of the input vary.

c. equal to average physical productivity of the input.

d. equal to the marginal rate of technical substitution.

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