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Economics Homework Six Answers - Student Five (view source)
Revision as of 21:47, October 25, 2009
, 21:47, October 25, 2009corrected
Diminishing marginal returns.
Diminishing marginal returns.
:Right, except there is no such thing as "marginal returns." It is simply "diminishing returns to scale." (Minus 1).
:Right, except there is no such thing as "marginal returns." It is simply "decreasing returns to scale." (Minus 1).
'''3. Give an example of a "short run" cost for a firm, and give an example of a "long run" cost. This can refer to any type of firm, from a grocery store to a baseball team to a homeschool.'''
'''3. Give an example of a "short run" cost for a firm, and give an example of a "long run" cost. This can refer to any type of firm, from a grocery store to a baseball team to a homeschool.'''