Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. economics
  3. assuming diminishing marginal product of additiona

Assuming diminishing marginal product of additional workers and diminishing marginal product of additional hours-per-worker, how would a...

50.1K

Verified Solution

Question

Economics

Assuming diminishing marginal product of additional workers anddiminishing marginal product of additional hours-per-worker, howwould a profit-maximizing firm adjust its mix of workers (L) andhours-per-worker (H) in response to: (a) A new user-friendlycomputer system that reduces training time required by one-half?(b) New legislation requiring full-time workers to receiveemployer-sponsored health insurance?

Answer & Explanation Solved by verified expert
3.6 Ratings (267 Votes)
Answer The law of diminishing marginalreturns states that an additional factor of production results insmaller increases in output at some pointIn our case a factory employs workers to manufacture itsproducts and at some point the company operates at an optimallevel With other production factors constant adding additionalworkers beyond this optimal level will result in less efficientoperationsAt a certain pointusing an additional factor of production causes a fairly smallerincrease    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Fesolv SSAKING Which of the following correctly deonstrates the message of this cartoon A While...

Algebra
Q

5. y′′ + xy′ = 0, x0 = 0 Series Solution Method. solve the given differential...

Advance Math
Q

The change in the protein from the Awake form to the recessive narcolepsy form most likely...

Biology
Q

Statement: Unionization was not the only alternative. Another alternative could be a meeting between a group...

General Management
Q

An automobile license plate consists of 3 letters followed by 4 digits. How many different plates...

Basic Math
Q

What is the name of the central location for your program Learning Resources aved

Biology
Q

Transverse nature of light was confirmed by the phenomenon of 1 refraction of light 3...

Physics
Q

Determine whether the functions Y and Y 1 2 sin t y 8 cos 2t...

Basic Math
Q

What is the image of P(3, 4) reflected across the line x = -1? ...

Basic Math
Q

4 You are given T 191 2 3 True or False It is possible to...

Algebra
Q

Rashid will have use of a diesel company car for the whole tax year with...

Accounting
Q

D Question 13 1 pts The Isberg Company just paid a dividend of $0.75 per...

Finance