This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Define what a firm is and its role in the market. What will be an ideal ... (Read 55 times)

tingc95

  • Hero Member
  • *****
  • Posts: 556
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?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

bbburns21

  • Sr. Member
  • ****
  • Posts: 336
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

  • Member
  • Posts: 556
Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

kishoreddi

  • Member
  • Posts: 329
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Side effects from substance abuse include nausea, dehydration, reduced productivitiy, and dependence. Though these effects usually worsen over time, the constant need for the substance often overcomes rational thinking.

Did you know?

Throughout history, plants containing cardiac steroids have been used as heart drugs and as poisons (e.g., in arrows used in combat), emetics, and diuretics.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

According to the American College of Allergy, Asthma & Immunology, more than 50 million Americans have some kind of food allergy. Food allergies affect between 4 and 6% of children, and 4% of adults, according to the CDC. The most common food allergies include shellfish, peanuts, walnuts, fish, eggs, milk, and soy.

Did you know?

In Eastern Europe and Russia, interferon is administered intranasally in varied doses for the common cold and influenza. It is claimed that this treatment can lower the risk of infection by as much as 60–70%.

Role of Monoamine Oxidase Role of Monoamine Oxidase
The Role of the Hippocampus and Cerebral Cortex in Long-Term Memory Storage The Role of the Hippocampus and Cerebral Cortex in Long-Term Memory Storage
Role-Play Scenarios Role-Play Scenarios
Proteins play an important role in keeping your skin healthy and your nails strong Proteins play an important role in keeping your skin healthy and your nails strong
Role of Factors of Production in Determining Growth, 1975–2009 Role of Factors of Production in Determining Growth, 1975–2009
A car wash reduced the price of a basic wash as a promotion and test of the market. With the ... A car wash reduced the price of a basic wash as a promotion and test of the market. With the ...
Video: Introduction to Sleep Apnea

For a complete list of videos, visit our video library