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INCREASING MARGINAL RETURNS: In the short-run production of a firm, an increase in the variable input results in an increase in the marginal product of the variable input. Increasing marginal returns typically surface when the first few quantities of a variable input are added to a fixed input. Compare this with decreasing marginal returns. You should also compare this with economies of scale associated with long-run production.
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Lesson 2: Economic Science | Unit 4: Science and Practice
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Page: 15 of 20
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Last verification. Data collected for 50 students in an economics class.- 3 of 6 As--1st row, 7 of 11 Bs--2nd row, 9 of 21 Cs--3rd row, 4 of 7 Ds--4th row, 4 of 5 Fs--5th row.
- 3 of 7 in 1st row--As, 7 of 11 in 2nd--Bs, 9 of 12 in 3rd row--Cs, 4 of 10 in 4th row--Ds, 4 of 10 in 5th row--Fs.
Results:- There appears to be a relationship between course grade and seat position.
- There is no evidence to suggest that our hypothesis is false.
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TOTAL REVENUE CURVE A curve that graphically represents the relation between the total revenue received by a firm for selling its output and the quantity of output sold. It is combined with a firm's total cost curve to determine economic profit and the profit maximizing level of production. The slope of the total revenue curve is marginal revenue. The total revenue curve for a firm with no market control is a straight line. The total revenue curve for a firm with market control is "hump-shaped."
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for the last item on a shelf.
Your Complete Scope
This isn't me! What am I?
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"It takes generosity to discover the whole through others. If you realize you are only a violin, you can open yourself up to the world by playing your role in the concert. " -- Jacques Yves Cousteau, marine explorer
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JRE
Journal of Regulatory Economics
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