1. Explain the difference between short run and long run in production analysis. Please provide an example to justify your challenge. 2. Define the law of diminishing returns. Why is this law so impor
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Short run and long run are two concepts used in production analysis to understand the time horizons and flexibility of inputs in the production process.
In the short run, at least one input is considered fixed, meaning it cannot be easily changed or adjusted in the production process. Typically, fixed inputs include factors like capital, machinery, or land. However, variable inputs, such as labor and raw materials, can be adjusted in response to changes in output levels. In the short run, a firm's production capacity is constrained by the fixed input, and it can only increase output by using the variable inputs more efficiently.
For example, let's consider a bakery with a fixed amount of oven capacity (fixed input) but can hire additional bakers (variable input) to produce more bread. In the short run, the bakery can increase production by scheduling longer working hours or employing additional bakers to maximize the use of the fixed oven capacity.
In contrast, the long run allows firms to adjust all inputs, including both fixed and variable factors, to achieve desired output levels. Firms have the flexibility to modify their production facilities, invest in new technology, or expand their operations. In the long run, there are no fixed constraints on inputs, and firms can optimize their production processes to achieve maximum efficiency and output.
Continuing with the bakery example, in the long run, the bakery can expand its facility, invest in more ovens, or even open additional branches to increase production capacity. It has the flexibility to adjust both fixed and variable inputs to meet the changing demand for bread.
The law of diminishing returns, also known as the law of diminishing marginal productivity, states that as the quantity of a variable input (such as labor) is increased while keeping other inputs constant, there comes a point where the marginal product of that input starts to decrease.
In simpler terms, the law suggests that adding more units of a variable input to a fixed input will eventually lead to diminishing additional output or returns. Initially, as more units of the variable input are added, the total output increases at an increasing rate (increasing marginal returns). However, beyond a certain point, the additional output gained from each additional unit of the variable input diminishes (diminishing marginal returns).
This law is important because it helps firms make production decisions and optimize their resource allocation. It highlights the fact that there is an optimal level of input usage where the marginal benefit equals the marginal cost. Beyond that point, adding more of the variable input becomes inefficient and may result in higher costs per unit of output.
For example, in agriculture, if a farmer keeps adding more and more fertilizer to a fixed amount of land, there will come a point where the additional fertilizer provides minimal or no increase in crop yield. The farmer reaches a stage where further increasing the fertilizer input does not result in proportionate or significant gains in output and may even lead to wastage or negative effects such as environmental pollution.
Understanding the law of diminishing returns helps businesses optimize their production processes, determine the most efficient input combinations, and avoid overutilization or wastage of resources.
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Related Questions
I have to do question A and C for TODAY
someone help me urgent please !!!!
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(A) (1) The Four enterprising characteristics/skills displayed by Emer:
InnovationRisk-takingVisionaryEntrepreneurial thinking(ii) Two methods of encouraging intrapreneurship within the business:
Employee empowerment: Allowing employees to have a say in the decision-making process, delegating tasks and responsibilities, and providing them with the necessary resources to implement their ideas can encourage intrapreneurship.Recognition and reward: Recognizing and rewarding employees for their contributions to the business can encourage them to be more innovative and to take initiative in finding new opportunities for the business.(B) Obligations of Emer as business owner to the various stakeholders in the enterprise:
Customers: Emer has an obligation to provide a quality product and service to her customers. She is also responsible for ensuring that the restaurant is safe and hygienic for her customers.Employees: Emer is responsible for providing her employees with good rates of pay and conditions of work. She also has an obligation to provide her employees with training and development opportunities.Suppliers: Emer has an obligation to source produce from reputable suppliers and to pay her bills in a timely manner.Community: Emer has an obligation to be a responsible member of the community in which her business operates. This includes being a good neighbor and being environmentally friendly.Shareholders: Emer has an obligation to maximize shareholder value and to report financial performance honestly.(C) Evaluation of John Doyle's management skills:
Leadership: John is a great team leader and team builder. He leads by example and is able to delegate work effectively to his employees.Problem-solving: John is able to effectively handle any problems that arise with either staff or customers. He is able to sort out issues quietly and efficiently.Communication: John is able to communicate effectively with his staff and customers. He encourages the employees, through fortnightly meetings, to suggest improvements for the business.Motivation: John is able to motivate his staff and build a loyal team. Many staff members have been promoted to positions of responsibility in the business.What are the characteristics about?Innovation: Emer is constantly trying to improve the restaurant's image, profitability, and range of services that it offers. She and John actively encourage the restaurant's employees to suggest improvements for the business and many ideas have been introduced, such as extending the opening hours to include breakfast and catering for outside parties and special events through the online business.
Risk-taking: Emer invested her savings and took out a long-term loan to purchase a restaurant on the south side of Dublin. She was willing to take the risk of starting her own business and has successfully built a profitable enterprise.
Visionary: Emer recognizes the importance of having a loyal customer base for the long-term success of the business. She is constantly striving to improve the restaurant's image, profitability and the range of services that it offers.
Entrepreneurial thinking: Emer is constantly looking for new opportunities and ways to improve her business. She sees the value of her employees' ideas and actively encourages them to suggest improvements for the business.
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What is one request a borrower can make of a lender if they know they will never be able to pay their full debt?
A. The borrower can ask for fees and penalties to be eliminated.
B. The borrower can ask for a reduction of the interest rate.
C. The borrower can ask to be absolved of some of the debt.
D. The borrower can ask for the monthly payment to be reduced.
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The one request a borrower can make of a lender if they know they will never be able to pay their full debt is the borrower can ask for fees and penalties to be eliminated.
What happens if the borrower fails to repay the loan?A loan is known to be a kind of money that is borrowed for a length of time and it is known to be a non-performing asset (NPA).
When the repayment is overdue, the lender can seize the asset of the borrower and when a borrower can make of a lender if they know they will never be able to pay their full debt is the borrower can ask for fees and penalties to be eliminated.
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Answer:
C. The borrower can ask to be absolved of some of the debt
Explanation:
review of the nigerian economy
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Answer:
amazing
Explanation:
Nigeria's economic freedom score is 57.2, making its economy the 116th freest in the 2020 Index. Its overall score has decreased by 0.1 point, reflecting a decline in the fiscal health score.
wich situation would cause the price of a product to fall the most
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Bitcoin is worth it?
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which step of appreciative inquiry consists of engaging the team and relevant stakeholders in a dialogue about strengths, best practices, accomplishments, and rewarding experiences?
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Second step or discovering step of appreciative inquiry consists of engaging the team and relevant stakeholders in a dialogue about strengths, best practices, accomplishments, and rewarding experiences
Appreciative inquiry:
The foundation of Appreciative Inquiry is social-constructivist theory, which holds that human development is fundamentally social and that social and cultural interactions, relationships, and dialogue construct knowledge (how people come to understand, interpret, and experience the world and others) and organisations (how they organise themselves to achieve goals).
In other words, if people socially construct how they see the world and other people, then particular issues, solutions, concepts, or opportunities will either become more or less "visible" (and hence more or less "changeable" depending on one's social or cultural context).
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Theo is seeking to become a better communicator as a leader. What are 3 things that Theo can do? Multiple Choice Communicate feelings and ideas, solicit new ideas from others, and effectively articulate arguments Communicate quickly, not ask questions, and keep people in front of you when speaking Communicate desires, find new information, and share their vision Speak louder, plan in advance, and use more nonverbal cues
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Answer:
Communicate feelings and ideas, solicit new ideas from others, and effectively articulate arguments
Explanation:
The most important attribute of people that communicate well is that they can listen to others. Communication goes both ways, and if you are not patient enough and are not able to listen to other people's ideas, then there is no way you will be able to communicate with them effectively, even less lead them. A leader must be able to listen to other people's ideas and use them. Good communication skills include verbal and non-verbal communication. The ability to manage communication between members is also essential, since poor communication skills may lead to conflicts.
If the population of a country is 1,000,000 people, its labor force consists of 500,000, and 40,000 people are unemployed, the unemployment rate is:
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Answer:
8.0 percent
Explanation:
To find the unemployment rate you:
Divide the number of people unemployed by the number of people in labor force (Employed and Unemployed)Then, multiply the number by 100Hope this Helps
True or False: You may contribute as much of your earnings as you choose to your employer-sponsored retirement plan
each year.
a) True
b) False
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Answer:
Its false
Explanation:
because when I clicked true I got it wrong.
It is not true that we may contribute as much of our earnings as we choose to our employer-sponsored retirement plan each year. The correct option is b.
What is an employer-sponsored retirement plan?An employer-sponsored plan refers to a type of benefit plan offered to employees at no or relatively low cost. These plans, such as a 401(k) or HSA, cover an array of services including retirement savings and healthcare. Employees who enrol in such programs capitalize on the benefit of receiving discounted services.
On the other hand, employers offering these plans typically benefit from tax breaks. Also, sponsoring benefits is seen as a way to recruit and retain valuable employees. Sponsorship does not mean that an employer contributes funds to the plans, though they may match certain employee contributions.
In order to attract and retain workers as well as receive tax breaks and other incentives employers install these benefit plans.
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Legal authorization by a brand owner to allow another company to "rent" its brand name for a fee is called
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Answer:
The appropriate answer is "License agreement".
Explanation:
A written agreement only between various firms where a property owner allows perhaps another entity throughout accordance with a certain set of requirements called a license agreement.In so far as it has jurisdiction, the consequence including its license is to terminate or ease the ruling of conflict. It should be the presumption that perhaps the license should be a province of security.Homework:Chapter 1 Homework Question 16, EM1-19 (similar to) Part 1 of 3 HW Score: 75%, 15 of 20 points Points: 0 of 1 Question content area top Part 1 Consider the following partially completed schedules of cost of goods manufactured. Compute the missing amounts.
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The price of goods manufactured is the calculation of a company's whole costs of production throughout a specific time period. It's additionally the whole quantity a company spends to produce goods, flip them into stock and put them up for sale.
How do you calculate the cost of items manufactured?COGM = Beginning WIP stock + complete manufacturing costs - ending WIP inventory. To locate the complete manufacturing costs, add direct materials, labour, and different overhead manufacturing costs.
What is difference between COGS and cogm?COGM is the complete fee to make products for sale. The fee of goods sold (COGS) is the actual expenses related to producing these products. COGM does now not encompass advertising or distribution costs, it only includes direct labor, materials, and manufacturing facility overhead costs related with producing completed goods inventory.
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https://brainly.com/question/28434717#SPJ4what are things that negotiators can proactively do to manage the perceptions rationality and fairness?
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Negotiators can proactively help to create a negotiation process that is perceived as transparent, objective, and equitable.
One important strategy is to provide clear and transparent information about the negotiation process and the factors that are being considered.
This can include disclosing relevant data, explaining decision-making criteria, and being open about any limitations or constraints that may affect the negotiation outcomes.
Another strategy is to actively seek feedback from all parties involved in the negotiation to ensure that everyone's needs and concerns are being addressed. This can help to build trust and promote a sense of fairness, as all parties feel that their perspectives are being heard and considered.
Negotiators can also use objective standards and benchmarks to guide their decision-making and help ensure that outcomes are perceived as rational and fair.
This can involve using industry benchmarks, historical data, or other external sources of information to inform negotiations and decision-making.
Finally, negotiators can work to build positive relationships and establish rapport with the other parties involved in the negotiation. This can help to foster a sense of mutual respect and understanding, which can in turn promote perceptions of rationality and fairness.
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Each account that is used can be classified as an asset. True or False
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Answer: I believe your answer will be TRUE.
How does decreasing your credit card balance affect your income statement? (1 point)
It increases your monthly expenses, increasing the amount you spend each month.
It increases your monthly expenses, giving you more money to spend on other things.
It decreases your monthly expenses, increasing the amount you spend each month.
It decreases your monthly expenses, giving you more money to spend on other things.
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The way in which decreasing your credit card balance would affect your income statement is that: D. It decreases your monthly expenses, giving you more money to spend on other things.
What is a credit card?A credit card simply refers to a small, rectangular flat card that is issued by a financial institution to its eligible customers, in order to avail them an opportunity to purchase goods and services on credit, especially based on the agreement that this amount of money would be paid back at a specific time and interest rate.
Generally speaking, a credit card balance can be defined as the total amount of money that an individual owe his or her credit card company. This ultimately implies that, a decrease in credit card balance would cause a decrease in monthly expenses, which avails the credit card holder more money to spend on other things.
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Answer: 1. a loan from one entity electronically matched to another entity without a financial institution in the middle
2. a payday loan
3. an unsecured installment loan
4. It decreases your monthly expenses, giving you more money to spend on other things.
5. Determine or estimate the current value of everything you own.
6. Their ability to repay a loan
7. your prior record of paying your bills and paying off your debts
8. your age and gender
9. You can request one online or over the phone.
10. He should contact the credit bureau that issued the credit report, the companies that issued the seven fraudulent cards, his local police, and the federal government at identitytheft.gov.
11. -the lender that provided the incorrect information
-the credit bureau that prepared the report
12. right away
13. She won a $20 billion settlement for California homeowners whose homes were inappropriately foreclosed on.
14. The longer the term, the more you will pay in interest.
15. It will cost you less money overall.
16. A store credit card generally comes with a higher interest rate.
17. You will save money if you pay the balance off quickly.
18. -Clarifying the confusing language found on credit card applications.
-Forcing lending companies to disclose interest rates and hidden fees.
19. It banned credit card companies from raising interest rates after missed payments.
20. -a fixed annual charge for the use of a credit card
-a charge if the minimum payment is not paid by the due date
21. paying off the balance before interest can accrue
22. $30
23. Determine which card has the higher interest rate and pay the extra money to that card first.
Explanation: All these answers are correct!
How can specialization benefit both producers and consumers in a free market economy?
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what are rock layers
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Answer:
the answer is isStratum
What are the remedial measures of unemployment in nepal?explain
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1) The skills and knowledge a person has acquired through experience and/or
education.
O Human Capital
O Entrepreneurial talents
O Physical Capital
O Perfect competition
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Answer:
O Human Capital
Explanation:
Human capital is an employee's knowledge, skills, and competencies that a company uses in productivity. It is the attributes of labor that impact production and influence compensation. Human capital is enhanced through education, job training, work experiences, and research.
Human capital is compensated through wages and salaries. Its cost is monetized as labor and is one of the factors of production.
What will likely happen if you try to use your memory as your only planner?
a. You will become more focused and better organized.
b. You will concentrate primarily on your social activities.
c. You will probably forget important events and deadlines.
d. You will concentrate primarily on your academic responsibilities.
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Explanation:
c. you will probably forget important events and deadlines.
Documents of Trade
Fill in the blanks.
A customer sends a/an __________ to a trader asking for a/an __________ , which
gives details of the goods on offer. The customer then studies the __________and places a/an __________. When the goods are sent a/an __________ may be sent with them followed by the __________, which shows the amount owed.
Words: Letter of Enquiry; Quotation; Order; Delivery note; Invoice; Statement of Account; Receipt; Credit Note
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Answer:
Here's ur answer
Explanation:
letter of enquiryQuotationreceiptorderdelivery notecredit noteHope it's helpful.. if so mark me as brainlist n thank me also
Features of wealth definition
10
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Diego feels he has achieved some measure of respect as a cosmetic surgeon. Now, Diego focuses on being the best he can be. Which need is Diego trying to meet
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Diego is trying to focus and meet his self-actualization needs.
What is Maslow's Hierarchy of Needs?
Abraham Maslow's theory of Hierarchical needs explains that people are driven to meet fundamental wants before moving on to more complex requirements.
His theory emphasizes five hierarchical needs, these are:
Physiological needsSecurity and safety needsSocial NeedsEsteem NeedsSelf Actualization needsTherefore, based on the fact that Diego is concerned about his own personal growth and focusing on his career, we can conclude that Diego is trying to focus and meet his self-actualization needs.
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Type the correct answer in the box. Spell all words correctly.
Peter is planning his finances for the next couple of years. He wants to save money to eventually by a house because he will be getting married
soon. He has created a savings plan revolving around his necessary expenses, and he has set a target of three years to save up a down paymet
for a house. At which phase of the financial life cycle is Peter in?
Peter is in the
phase of the financial life cycle.
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Answer: initial stage
Explanation:
The initial stage of financial life cycle is simply the first stage or the beginning phase of the financial cycle. Since he want to save so that he can get a house, thus means that he wants to accumulate asset.
Furthermore, it should be noted that the initial phase of the financial life cycle typically begin at a young age of about 25 years.
Answer:
initial stage
Explanation:
Erica's Country Furniture sells wooden chairs for $179.49. It buys the chairs from a craft shop for $87.49 each. Its overhead rate is 28%. What is the net profit rate for each chair?
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Answer:
60.28%
Explanation:
The selling price per chair = $179.49
buying price per chair = $87.49
the overhead rate is 28%
Actual overheard = 28% x $87.49
=28/100 x 87.49
=0.28 x 87.49
=$24.4972
total cost price per chair = $87.49 + $24.4972
=$111.98
profit per chair
= $179.49 - $111.98
=67.51
Profitability rate = 67.51/111.98 x 100
=60.28%
'Market management is the key element for a business' Justify this statement with an example.
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Answer:
Explanation:
Marketing Management is the key element for a business because it enables the business to generate revenue, gain new customers, and establish the brand. It ensures that the business is profitable by analyzing and aligning the company's goals.
Depending on the industry and marketing objectives of an organization, marketing management can mean many things. As the name implies, marketing management performs managerial tasks in the field of marketing, including, but not limited to, planning and decision-making before, during, and after the execution of marketing plans.
An example of marketing management is creating an advertising plan and implementing it. Another example is the expansion of business via mergers and acquisitions.
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What was the stamp act?
Don't Spam!
Answers
The stamp act is what happened after a war so that The british could pay off there debt
Each display in a marketing dashboard shows a ________, which is a measure of the quantitative value or trend of a marketing action or result.
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A marketing metric, a measurement of the quantitative value or trend of a marketing action or result, is shown on each display of a marketing dashboard.
A marketing dashboard is a visual representation of the most pertinent data required to monitor important marketing indicators and to accomplish one or more marketing goals. Top-level marketing reports are compiled and arranged on one page so that the data can be viewed quickly.
Marketing metrics are a quantitative performance monitoring method and an essential tool for gauging the effectiveness of marketing efforts. The most effective marketing metrics vary significantly from one campaign to the next, but they typically track how your campaign affects audience behavior.
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Spending that is required by law is known as
O discretionary spending
O deficit spending,
O mandatory spending.
O expansionary spending.
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When a certain type of spending is required by law then it is known as Mandatory spending.
What is mandatory spending?This is a part of the U.S. government federal budget. The things to be spent on are required by law to be spent on so if these things are ignored, it would be illegal.
Examples of mandatory spending in the U.S. include social security and Medicare.
In conclusion, option C is correct.
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Answer:
C) mandatory spending
Explanation:
hope it helps!!!!
The letters A, B, C, D, E, F, G are called what?
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Mercedes has decided that she wants to be an electrician. She discovers that her local power company has a program where she can get on-the-job experience and go to school. This will eventually get her the background she needs to be an electrician. What kind of program is this?
A.
gap year
B.
apprenticeship
C.
advanced degree
D.
certificate program
Answers
Answer:
B
Explanation:
An apprenticeship lets you work and go to school while teaching you how to correctly do the job.