Eight Basic Econ Questions

Eight Basic Econ Questions

December 15, 2020 |

Eight Basic Econ Questions ***Each answer only needs to be 150-200 words*** 1.What is marginal productivity? Compare it with average productivity. In a particular industry you are familiar with, compare its marginal productivity from average productivity. What would happen if a technological innovation is introduced in that industry’s production process? Please explain your answers. 2. Another important law in Economics is the law of Diminishing Marginal Productivity. Explain as to how this law affect you in your place of work. 3. How do you differentiate economics from accounting. Illustrate your differentiation. 4. How does technology affect the productivity and cost of the industry you currently work for or you are familiar with? How do the technical and economically efficient concepts shape the long-run average total-cost curve of this industry? 5. Show the relationship between the short run and the long run costs. Please give some real world applications of both…    read more 

Eight Basic Econ Questions

December 14, 2020 |

Eight Basic Econ Questions ***Each answer only needs to be 150-200 words*** 1.What is marginal productivity? Compare it with average productivity. In a particular industry you are familiar with, compare its marginal productivity from average productivity. What would happen if a technological innovation is introduced in that industry’s production process? Please explain your answers. 2. Another important law in Economics is the law of Diminishing Marginal Productivity. Explain as to how this law affect you in your place of work. 3. How do you differentiate economics from accounting. Illustrate your differentiation. 4. How does technology affect the productivity and cost of the industry you currently work for or you are familiar with? How do the technical and economically efficient concepts shape the long-run average total-cost curve of this industry? 5. Show the relationship between the short run and the long run costs. Please give some real world applications of both…    read more 

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