Purchase Solution

brief summary of economic cost & diminishing returns

Not what you're looking for?

Ask Custom Question

Give a brief summary of economic costs. In the short-run, why might a firm still operate even when there is a loss.
Explain the law of diminishing returns in your own words. This idea can be applied to almost anything in economics. Think about your own utility from consumption. Give a personal example of diminishing utility.

What are some advantages and disadvantages to large counties?

Purchase this Solution
Solution Summary

Post discusses economic costs & application of the law of diminishing returns

Solution Preview

I and other OTAs cannot provide an "assignment completion service", but will be happy to assist you so that you can complete the assignment yourself.....thus, the following is a "start"....you should reword it into your own style of writing otherwise your prof will recognize that someone else wrote the answer other than you.....you also might want to add some "graphics" to enhance the key ideas expressed (look up the key ideas on the web & copy/paste graphics from the sites).

1.Give a brief summary of economic costs.......

Economic costs are the payments a firm must make, or incomes it must provide, to resource suppliers to attract those resources away from their best alternative production opportunities. ...

Purchase this Solution
Free BrainMass Quizzes
Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

View More Free Quizzes
Related BrainMass Solutions

  • summary of economic costs

    Give a brief summary of economic costs. In the short-run, why might a firm still operate even when there is a loss. 2 Explain the law of diminishing returns.

  • The law of diminishing returns and the business

    You can use the economic theory of diminishing marginal returns.

  • Technical and Economic Efficiency

    If the goal of society is to get the most benefit from its limited resources, they why not ignore economic efficiency and build the energy-saving automobile? Diminishing marginal returns occurs when the rate of increase of output begins to decline.

  • Short-Run Production Cycle

    Typically, returns to scale are initially increasing, and as volume of production increases, eventually diminishing, which produces the standard U-shaped cost curve of economic theory.

  • Economies of Scale

    With increase in cost there is decline in returns. The minimum efficient scale of a plant is one that a) avoids diminishing returns b) minimizes long run average costs.

  • Diminishing Returns and Returns to Scale

    Typically, returns to scale are initially increasing, and as volume of production increases, eventually diminishing, which produces the standard U-shaped cost curve of economic theory.

  • Short and Long Run Costs and Concept of Diminishing Returns

    For the short run, discuss what the relationship is between Cost Theory and Production Theory and the Concept of Diminishing Returns? 3. What is diminishing returns and how does it shape production and cost curves? 4.

  • Theory of diminishing returns

    340514 Theory of diminishing returns Indicate whether each of the following statements is true or false and give the reason.

  • the law of diminishing marginal returns

    Explain the economic concept of the law of diminishing marginal returns. Please give an example. Why is this important?

View More Related Solutions