Examlex
Suppose that one worker can produce 15 cookies, two workers can produce 35 cookies together, and three workers can produce 60 cookies together. What is the average product of the first three workers?
Increasing Returns To Scale
A situation in production where an increase in the scale of inputs leads to a more than proportional increase in output.
Weak Axiom
In consumer theory, it refers to the consistency of consumer choice behavior under the assumption of non-increasing preferences.
Profit-maximizing Behavior
An economic principle where businesses seek to achieve the highest possible profit from their operations.
Short-run Production Function
The short-run production function describes the relationship between input and output levels when at least one input (like capital) is fixed and cannot be changed immediately.
Q21: Which of the following is NOT a
Q27: Economic efficiency means<br>A) the same as technical
Q40: Being a price taker essentially means<br>A) a
Q46: Why is the pricing outcome of a
Q258: An increase in long-run average costs resulting
Q271: A perfectly competitive industry's short-run supply curve
Q319: For a perfectly competitive firm, any price
Q348: For a perfectly competitive firm, which of
Q361: Fixed costs include all but<br>A) a normal
Q374: In the above table, the marginal product