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?© BrainMass Inc. brainmass.com June 25, 2018, 8:06 am ad1c9bdddf
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. ...
Post discusses economic costs & application of the law of diminishing returns