Explain the assumptions of Law Diminishing Returns
Explain the assumptions of Law Diminishing Returns.
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The Law of Diminishing Returns is based upon the given assumptions as follows:
Returns are based upon the given assumptions as illustrated:
a. The production technology keeps unchanged
b. Each variable factor is homogeneous.
c. Some one factor is constant
d. The fixed factor keeps constant.
When the demand for labor influenced by the minimum wage is wage elastic, increasing the minimum wage would: (w) increase total wages received by low wage workers. (x) reduce total wages received by low wage workers. (y) not affect th
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When an economic alteration makes one person better off whereas no one else is affected, then this is: (w) efficient to make the change. (x) traumatic to make the change. (y) neither good nor bad for society. (z) strictly a positive value judgment to
Illustrates the factors changes in demand?
Refer to figure as in above. What occurs when the firm produces more than Q4 units: w) Its profit raises. x) this makes a loss. y) Its total revenue is increasing quicker than its whole cost. z) this could make a profit or a loss depending upon what occurs
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