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# Factors of Production

### Microeconomics

How is a strategic decision based on productivity and costs? Can you please explain the law of diminishing marginal productivity? Can you please explain the relationship between productivity and cost?

### comparing the value of food with the value of electricity

A river has been used to irrigate farm land. A 3000 megawatt, coal-fired electric generating plant which would require about 40,000 acre-feet of water per year from the river. Operating the generating plant would mean less water for agriculture. The first part of the question is: which is more efficient use of the water fr

### Total Change in GDP

I need some help with the following problem: Calculate the totals change in a year's GDP for each of the following scenarios: Remember old output is not calculated int he GDP only new output. a. You win \$25,000 in your state's lottery. Ever the entrepreneur, you decide to open a Ping Pong ball washing service, buying \$15,000

### Economic interplay in the airline industry

"Economies of scope in the airline industry emerge from the interplay of economies of density and the properties of a hub-and-spoke network." Explain how the interplay between economies of density and the properties of hub-and-spoke networks give rise to economies of scope.

### Cost table with graphs using excel

Using the following demand schedule, calculate total revenue, marginal revenue and own-price elasticity of demand. Then show the relation among marginal revenue, price and elasticity of demand. Quantity Marginal Elasticity Price Demanded Revenue Of Demand \$60 8 50 16 40 24 30

### Economic System Defined

What is an economic system? How do economic systems differ?

### Understanding the foundations of economics

What are the foundations of economics?