The law of diminishing returns only applies in the Short Run‚ when only one factor of production is variable and can be increased. The other factors of production are fixed. Thus as the variable factor of production is increased the marginal product of that factor will rise at first‚ but will at some point begin to fall. Returns to scale can only occur when no factors of production are fixed. If the quantities of all of the factors of production are increased‚ then output will also increase. However
Free Economics Economics of production
cake for her seven year old son’s eighth birthday. The day of Scotty’s birthday‚ he is walking home while suddenly a car hits him. His friend starts crying while Scotty spazzes. The driver of the car stops‚ looks back‚ and drives on. Scotty walks home and sits on the couch and goes unconscious. Ann calls the ambulance and the husband‚ Howard. At the hospital‚ the doctor defies the fact that this is a serious matter as he insists that his condition is not a coma. Raymond Carver is pointing out that you
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Maestro Practice Essay "Paul’s view of Keller grows and develops throughout the novel‚ but remains incomplete even at the end." Do you agree? The book explores both Paul’s and Keller’s love of great music. It is Keller’s means of survival and he can never turn away from it. Introduction: - can take both sides - Should signpost what you put in the body paragraphs - Explore issues - Paul’s view of Keller  major - Paul’s view of himself  arrogance to self-depreciation - Keller’s
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Accounting rate of return The accounting rate of return (ARR) is a way of comparing the profits you expect to make from an investment to the amount you need to invest. The ARR is normally calculated as the average annual profit you expect over the life of an investment project‚ compared with the average amount of capital invested. For example‚ if a project requires an average investment of £100‚000 and is expected to produce an average annual profit of £15‚000‚ the ARR would be 15 per cent. The
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Law of Diminishing Returns The Law of Diminishing Returns says that when some inputs are fixed in capacity in the short run‚ increasing the variable input working with the fixed inputs would first lead to increasing additional output per additional unit of variable input‚ but eventually decreasing additional output per additional unit of variable input after the optimal capacity of the fixed input has been exceeded. Let’s look at a simple short-run production process where there is a fixed input
Free Economics Economics of production
horrendous prequel trilogy‚ but that is for another review. For those who haven’t seen it yet‚ which probably is a small amount of people by now‚ there will be spoilers coming up. The Force Awakens takes place around 30 years after the events of The Return of the Jedi. By this point our favorite heroes‚ a.k.a. Luke Skywalker‚ Princess Leia‚ Han Solo‚ etc.‚ have all but become a legend in galactic history. Stories about them
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Chapter 11 Exercises 11-5 Return on Investment (ROI) Provide the missing data in the following table for a distributor of Martial arts products: 11-9 Return on Investment (ROI) and Residual Income Relations A family friend has asked your help in analyzing the operations of three anonymous companies operating in the same service sector industry. Supply the missing information in the table below: 11-18 Return on Investment (ROI) and Residual Income “I know headquarters wants us to add that new product
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HOW DOES OUR READING OF ‘RETURN TO CARDIFF’ ADD TO OUR UNDERSTANDING OF ABSE’S VIEW OF WALES IN ‘DOWN THE M4’? In ‘Down the M4’‚ Abse doesn’t portray a particular fondness of Wales or the time he spends there in the present day. And yet it is clear that this wasn’t always the case‚ from where he says “this time/ afraid”. We can infer from this that he has enjoyed these visits in the past. However this time he is a “dutiful son”‚ showing that he is not on this journey for his own pleasure but is
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world’s leading industrial and technical giants. Despite that our country seems unconquerable; we still have pressing problems attacking the nation. High crime rates‚ education of our citizens‚ and discrimination are only a few on the list of challenges facing America today. America is a large dominant country that can’t deny it has a violent society. The problem with violence is more severe today than ever before with our young adults. A young child is more likely to die from a gun shot wound than from
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of Phoenix Material Risky Situations Identify three types of sensitive information involved with each situation. Then‚ describe three ways in which each information item could be misused or harmed. For each of these‚ note at least one likely finding that you would include in a risk analysis report of the organization. Finally‚ answer the questions at the end. Situation 1 – Online Banking System Information Affected Potential Harm (Risk) Likely Finding in Risk Analysis Report Customer Data Someone
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