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Economics Homework Six Answers - Student Three (view source)
Revision as of 21:45, October 25, 2009
, 21:45, October 25, 2009comment added
Diminishing (marginal) returns, for if you continually increase your input eventually your output will decrease.
Diminishing (marginal) returns, for if you continually increase your input eventually your output will decrease.
:Correct!
:Correct! Note the proper terminology, however: "decreasing returns to scale," not "diminishing returns."
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.