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Author Question: Define what a firm is and its role in the market. What will be an ideal ... (Read 68 times)

tingc95

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on: Jun 29, 2018
Define what a firm is and its role in the market.
 
  What will be an ideal response?

Question 2

If marginal product is decreasing what can we say about what is happening to average product? Explain.
 
  What will be an ideal response?


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bbburns21

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The firm is an organization that transforms resources (inputs) into products (output). Firms are the primary producing units in a market economy.

Answer to Question 2

You can't actually say anything about it. If marginal product is above average product but still decreasing it will bring the average product up. If marginal product is below average product it will bring average product down.


tingc95

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

chereeb

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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