Diminishing Marginal Returns are a core tenet of economics health and medicine homework help
1. Diminishing Marginal Returns are a core tenet of economics. What does this mean for labor? If you hire more workers, what happens to the Marginal Product of Labor?
2.What does it mean for the economy when jobs become automated? When self-checkouts were introduced in grocery stores, clerks were angry that they might lose their jobs. What would you tell these clerks with your newfound economic knowledge?
3.What is the difference between accounting costs and economic costs?
4.Why do economic costs include both explicit (revealed and expressed) costs and implicit (present but not obvious) costs?
5.What are the differences between fixed and variable costs and among total, average, and marginal costs?
6.In the short-run, what do we know about profits for firms in a pure competition industry? What about in the long-run? How is this different than in other market structures?
7.What is the difference between a market structure and a characteristic of market structure?
8.What are the main characteristics of the four basic market models?
9.How can purely competitive firms use the total-revenue-total-cost approach to maximize profits or minimize losses in the short run?