Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Apr 12, 2024

(a) Explain the law of variable proportions and its usefulness to the producer. Illustrate with a relevant diagram (7marks) (b) Explain the features of

image text in transcribed

(a) Explain the law of variable proportions and its usefulness to the producer. Illustrate with a relevant diagram (7marks) (b) Explain the features of an oligopoly market perfectly competitive market and the demand curves of firms in this market and their profit maximization conditions (8marks)

Step by Step Solution

★★★★★

3.49 Rating (159 Votes )

There are 3 Steps involved in it

Step: 1

a The Law of Variable Proportions The law of variable proportions also known as the law of diminishing returns is an economic principle that describes the relationship between the inputs factors of pr... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Economics

Authors: Stephen Slavin

11th Edition

978-0078021800, 0078021804

More Books

Students also viewed these Economics questions

Question

C nts eBook Print ferences Problem 8-38 Replacement Decision (LO5) A forklift will last for only 3 more years. It costs $6,000 a year to maintain. For $17,000 you can buy a new lift that can last for...

Answered: 1 week ago

Question

★★★★★

QUESTION ONE (a) Explain the basic functions of managers. How is managerial economics useful to them? (9marks) (b) What are the functions of demand forecasting to business managers? (c) A firm has...

Answered: 1 week ago

Question

★★★★★

CANMNMM January of this year. (a) Each item will be held in a record. Describe all the data structures that must refer to these records to implement the required functionality. Describe all the...

Answered: 1 week ago

Question

★★★★★

Write a program MooresLaw that takes a command-line argument $n$ and outputs the increase in processor speed over a decade if microprocessors double every $n$ months. How much will processor...

Answered: 1 week ago

Question

★★★★★

Compounds I and J both have the molecular formula C7H14. Compounds I and J are both optically active and both rotate plane-polarized light in the same direction. On catalytic hydrogenation I and J...

Answered: 1 week ago

Question

★★★★★

Use an example of a media group to provide the basis for a discussion on how ABC analysis considers departmental activities as the causes of costs rather than the products that are being produced.

Answered: 1 week ago

Question

★★★★★

What efforts can clinical psychologists make to increase their cultural competence regarding clients with physical health issues?

Answered: 1 week ago

Question

★★★★★

At the beginning of 2018, Thompson Service, Inc., showed the following amounts in the stockholders' equity section of its balance sheet. Stockholders' equity: Capital stock, $1 par value, 500,000...

Answered: 1 week ago

Question

★★★★★

Identify and explain the inherent audit risks in the external audit for the following financial statements. H.A. makes boats for sport and leisure and sells these to rich individuals who like to...

Answered: 1 week ago

Question

★★★★★

finish the chart please Lita Lopez started Biz Consulting a new business, and completed the following transactions during its first year of operations a. Lita Lopez invested $70,000 cash and office...

Answered: 1 week ago

Question

★★★★★

Making sure that time is dedicated to problem - solving and post - performance review is an explicit part of: - Supportive learning environment. - Learning processes and practices. - Managers...

Answered: 1 week ago

Question

★★★★★

High-Low Method, Cost Formulas The controller of the South Charleston plant of Ravinia, Inc., monitored activities associated with materials handling costs. The high and low levels of resource usage...

Answered: 1 week ago

Question

★★★★★

In a research project the PMHNP is conducting, some patients are excluded from the project, so instead of randomizing subjects, the subjects are highly selected. This type of selection could produce...

Answered: 1 week ago

Question

★★★★★

The 15 tenure track professors in a university math department are paid an average of $90,000 per year, while the 10 adjunct professors are paid an average of $60,000 per year. What is the average...

Answered: 1 week ago

Question

★★★★★

9. Alicia is the project manager of the Cloud Managed Services team that works on the Spanish Telecom project. Recently the client sent a request for a custom cloud solution. The typical development...

Answered: 1 week ago

Question

★★★★★

Write a memo that addresses a new norm or protocol, such as the need to register with a new company that will be handling all the organizations business-related travel, with specific expectations...

Answered: 1 week ago

Question

★★★★★

Halley's comet travels in an ellipti- cal orbit with a = 17.95 and b = 4.44 and passes by Earth roughly every 76 years. Note that each unit represents one astronomical unit, or 93 million miles. The...

Answered: 1 week ago

Question

★★★★★

Explain what comparative advantage is. Make up an example to illustrate this concept.

Answered: 1 week ago

Question

★★★★★

Practical Application: How would you change the current system of bank overdraft fees to make it more equitable, but still profitable to banks?

Answered: 1 week ago

Question

★★★★★

Explain how, in general, the automatic stabilizers work. Then use one automatic stabilizer to illustrate this.

Answered: 1 week ago

Question

★★★★★

9.8 Suppose a researcher comes to you for advice about the analysis of an experiment she has conducted. She has used 5 treatments and she has 9 observations for each treatment. She shows you the...

Answered: 1 week ago

Question

★★★★★

9.7 A researcher comes to you with data from a block design. For comparing 4 treat- ments he has used 5 blocks each with 4 experimental units. He took 2 measure- ments on each experimental unit. He...

Answered: 1 week ago

Question

★★★★★

9.5 Suppose a researcher comes to you with a table of data, obtained from a block design, that looks as follows: where each x represents one observation. She asks you to analyze the data. (i) How...

Answered: 1 week ago

Previous Question Next Question