Joan grows pumpkins. If Joan plants no seeds on her farm, she gets no harvest. If she plants 1 bag of seeds, she gets 500 pumpkins. If she plants 2 bags, she gets 800 pumpkins. If she plants 3 bags, she gets 900 pumpkins. A bag of seeds costs $100, and seeds are her only cost. Joan's production function exhibitsA. Increasing marginal product. B. Decreasing marginal product. C. Constant marginal product. D. Any of the above could be correct.

Answers

Answer 1
Answer:

Answer: Option (B) is correct.

Explanation:

Correct option: Decreasing marginal product.

Marginal product is the change in the level of output, when there will be an extra input employed in the production of a certain commodity.

So, Marginal Product = (change\ in\ Q)/(Change\ in\ I)

Where,

Q = Output

I = Input

Marginal product of 1st bag = 500

Marginal product of 2nd bag =  (800-500)/(2-1) = 300

Marginal product of 3rd bag =  (900-800)/(3-2) = 100

∴ From the above calculations, we can seen that as we employed one more bag of seeds as a result marginal product goes on diminishing.

Hence, Joan's production function exhibits decreasing marginal product.


Related Questions

If a deaf person goes to court, do they call it a hearing?
Balancing trade is important because if a nation imports more than it exports,A. it will create a trade surplus. B. the value of its currency may fall. C. the nations goods will not be desirable D. other nations will stop investing in that nation.
Suppose the following information: The cost of a full-page color ad in the U.S. national edition of The Wall Street Journal (newspaper) is $327,897 and its U.S. audience size is 1,566,027. The cost of a full-page color ad in the U.S. national edition of USA Today (newspaper) is $207,720 and its U.S. audience size is 1,711,696. The cost of a full-page color ad in the U.S. national edition of Bloomberg Businessweek (magazine) is $148,300 with an audience size of 900,000. The cost of a full-page color ad in the U.S. national edition of Sports Illustrated (magazine) is $396,600 and has an audience size of 3,000,000. The cost of a 30-second ad on the most recent Super Bowl telecast is $3,800,000 and has an audience size of 108,400,000. Using this information, which of the five media alternatives has the highest CPM?
A client believes that XYZZ stock has bottomed in price and is ready for a steep rebound. Which recommendation has the lowest profit potential? A Buy an XYZZ call option B Buy XYZZ rights C Buy XYZZ warrants D Buy XYZZ stock and sell an XYZZ call
The most serious problem with aggression is that A. we remove the obstacle that's the cause of our frustration. B. it's sometimes necessary to change our goals. C. it can cause property damage. D. we aim it at people or things that aren't the cause of our frustration

Alex purchase a plasma TV and pays 7.5% state sales tax and $45 for delivery. If Alex's total cost was $1,415.63 what was the purchase price for the TV? O $834.65 O $783.22 O $1358.73 O $1275

Answers

Answer:

Explanation:

1. Total cost: $1,415.63

2. Sales tax: 7.5% of the purchase price

3. Delivery fee: $45

First, let's calculate the sales tax amount:

Sales tax = (7.5/100) * Purchase price

Now, we can set up an equation to find the purchase price:

Total cost = Purchase price + Sales tax + Delivery fee

Substituting the values we have:

$1,415.63 = Purchase price + (7.5/100) * Purchase price + $45

To simplify the equation, we can combine like terms:

$1,415.63 = Purchase price * (1 + 7.5/100) + $45

Next, let's calculate the sales tax amount:

Sales tax = (7.5/100) * Purchase price

Sales tax = 0.075 * Purchase price

Now we can rewrite the equation with the sales tax amount:

$1,415.63 = Purchase price * (1 + 0.075) + $45

Simplifying further:

$1,415.63 = Purchase price * 1.075 + $45

To isolate the purchase price, we subtract $45 from both sides of the equation:

$1,415.63 - $45 = Purchase price * 1.075

$1,370.63 = Purchase price * 1.075

Finally, divide both sides of the equation by 1.075 to solve for the purchase price:

Purchase price = $1,370.63 / 1.075 ≈ $1275

Therefore, the purchase price for the TV is approximately $1275

Accounting professionals can perform various services that provide assurance about the and of information given by one party to another.True / False.

Answers

Answer:

It is true

Explanation:

Chartered Accountants most especially external auditors are trained to provide assurance services that will give credit and reliability to the financial information being presented to the users by the directors.

Their services include statutory audit and other related assurance services.

The report produced by a Chartered Accountant (e.g External Auditor) gives reasonable assurance to the shareholders of the company or any other external users.

Financial discipline means

Answers

Reduce your habit of spending
I think it means to reduce your habits of spending, so if u are spending too much, than this can help u reduce your spending so u can be safe finacially

Treasury stock that was purchased for $2,500 is sold for $3,000. As a result of these two transactions combined, a.stockholders' equity will not change, because the amount of authorized stock has not changed. b.stockholders' equity will be increased by $500. c.income will be increased by $500. d.stockholders' equity will be increased by $3,000.

Answers

Answer:

Correct option is (b)

Explanation:

Treasury stock refers to the stock that is bought back by the organization to reduce the number of shares held by investors.

Purchase of treasury stock will not increase or decrease stockholder's equity, but if treasury stock is sold and gain is realized in the transaction, then such income will increase stockholder's equity by that amount.

here, treasury stock was purchased for $2,500 and sold for $3,000. Resultant income of $500 (3,000 - 2,500) will increase stockholder's equity by $500.

Capital budgeting is the process of: a. keeping track of all the revenues and expenses incurred by a firm during the year.
b. determining how much capital a firm should raise.
c. determining how much debt a firm should budget for in its capital structure.
d. determining which capital investments a firm should make.

Answers

Answer:

d. determining which capital investments a firm should make.

Explanation:

Capital Budgets are prepared to determined which capital investments a firm should make. This takes into account the projected cash flows and discounting them with the firm`s cost of capital to determine the net presentvalue of a capital project.

Answer:

determining which capital investments a firm should make.

Explanation:

Budgeting is the process by which an individual or a business plan future spending on the various projects they want to accomplish.

Budgeting helps with proper planning and avoids waste.

Capital budgeting is the process of ascertaining if spending on long term investment like new products, research and development, new machinery, and so on is worth it and relevant for the company.

Who is likely to believe in civil liberties as they traditionally have been defined?A. a conservative

B. a liberal

C. a moderate

D. a reactionary

Answers

The conservative is likely to believe in civil liberties as they traditionally have been defined. Correct answer: A

The conservatives and the liberals are form the most of the U.S. political spectrum. Tradition, human imperfection, organic society, hierarchy and authority are the most important parts and goals of this political and social philosophy.

The correct answer is A. a conservative.