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Girls are like cell phones, they like to be held and talked to, but press the wrong button and you're disconnected. Understand the terms associated with the short-run production function—total product, average product, and marginal product—and explain and illustrate how they are related to each other. Explain the concepts of increasing, diminishing, and negative marginal returns and explain the law of diminishing marginal returns. Understand the terms associated with costs in the short run—total variable cost, total fixed cost, total cost, average variable cost, average fixed cost, average total cost, and marginal cost—and explain and illustrate how they are related to each other. Explain and illustrate how the product and cost curves are related to each other and to determine in what ranges on these curves marginal returns are increasing, diminishing, or negative. When the quantity of a factor of production cannot be changed during a particular period, it is called a fixed factor of productionA factor of production whose quantity cannot be changed during a particular period.. While the managers of the restaurant are making choices concerning its operation over the next year, they are also planning for longer periods.
Figure 8.1 "Acme Clothing’s Total Product Curve" shows the number of jackets Acme can obtain with varying amounts of labor (in this case, tailors) and its given level of capital.
The table gives output levels per day for Acme Clothing Company at various quantities of labor per day, assuming the firm’s capital is fixed. Notice what happens to the slope of the total product curve in Figure 8.1 "Acme Clothing’s Total Product Curve".
We measure the slope of any curve as the vertical change between two points divided by the horizontal change between the same two points. The slope of a total product curve for any variable factor is a measure of the change in output associated with a change in the amount of the variable factor, with the quantities of all other factors held constant. The concept of average product is often used for comparing productivity levels over time or in comparing productivity levels among nations.
The first two rows of the table give the values for quantities of labor and total product from Figure 8.1 "Acme Clothing’s Total Product Curve". As a student you can use your own experience to understand the relationship between marginal and average values. As we have learned, maximizing behavior requires focusing on making decisions at the margin. The fourth worker adds less to total output than the third; the marginal product of the fourth worker is 2 jackets. After the seventh unit of labor, Acme’s fixed plant becomes so crowded that adding another worker actually reduces output.
This graph shows Acme’s total product curve from Figure 8.1 "Acme Clothing’s Total Product Curve" with the ranges of increasing marginal returns, diminishing marginal returns, and negative marginal returns marked.
The idea that the marginal product of a variable factor declines over some range is important enough, and general enough, that economists state it as a law. It is easy to confuse the concept of diminishing marginal returns with the idea of negative marginal returns. To see the logic of the law of diminishing marginal returns, imagine a case in which it does not hold. The shape of the total product curve and the shape of the resulting marginal product curve drawn in Figure 8.2 "From Total Product to the Average and Marginal Product of Labor" are typical of any firm for the short run.
A firm’s costs of production depend on the quantities and prices of its factors of production. Next we illustrate the relationship between Acme’s total product curve and its total costs.
We know from Figure 8.1 "Acme Clothing’s Total Product Curve" that Acme requires 1 worker working 1 day to produce 1 jacket. Figure 8.4 "Computing Variable Costs" gives us costs for several quantities of jackets, but we need a bit more detail.
We can estimate total variable costs for other quantities of jackets by inspecting the total product curve in Figure 8.1 "Acme Clothing’s Total Product Curve". Total variable costs for output levels shown in Acme’s total product curve were shown in Figure 8.4 "Computing Variable Costs". Suppose Acme’s present plant, including the building and equipment, is the equivalent of 20 units of capital. Notice something important about the shapes of the total cost and total variable cost curves in Figure 8.6 "From Variable Cost to Total Cost". Recall that Acme experienced increasing marginal returns to labor for the first three units of labor—or the first seven jackets.
Acme experiences diminishing marginal returns beyond the third unit of labor—or the seventh jacket.
Marginal and average cost curves, which will play an important role in the analysis of the firm, can be derived from the total cost curve. We are still assessing the choices facing the firm in the short run, so we assume that at least one factor of production is fixed. Marginal cost (MC) is the amount by which total cost rises with an additional unit of output. Notice that the various cost curves are drawn with the quantity of output on the horizontal axis. Figure 8.8 "Marginal Cost, Average Fixed Cost, Average Variable Cost, and Average Total Cost in the Short Run" shows the computation of Acme’s short-run average total cost, average variable cost, and average fixed cost and graphs of these values. Total cost figures for Acme Clothing are taken from Figure 8.7 "Total Cost and Marginal Cost". We turn next in this chapter to an examination of production and cost in the long run, a planning period in which the firm can consider changing the quantities of any or all factors. In Panel (a), the total product curve for a variable factor in the short run shows that the firm experiences increasing marginal returns from zero to Fa units of the variable factor (zero to Qa units of output), diminishing marginal returns from Fa to Fb (Qa to Qb units of output), and negative marginal returns beyond Fb units of the variable factor.
Panel (b) shows that marginal product rises over the range of increasing marginal returns, falls over the range of diminishing marginal returns, and becomes negative over the range of negative marginal returns.
In Panel (c), total cost rises at a decreasing rate over the range of output from zero to Qa This was the range of output that was shown in Panel (a) to exhibit increasing marginal returns. Panel (d) shows that marginal cost falls over the range of increasing marginal returns, then rises over the range of diminishing marginal returns.
Draw the points showing total variable cost at daily outputs of 0, 1, 3, 7, 9, 10, and 11 jackets per day when Acme faced a wage of $100 per day. Sports physiologists often measure the “total product” of training as the increase in an athlete’s aerobic capacity—the capacity to absorb oxygen into the bloodstream. The data suggest that an athlete experiences increasing marginal returns from exercise for the first three days of training each week; indeed, over half the total gain in aerobic capacity possible is achieved.
The increase in fitness that results from the sixth and seventh workouts each week is small. The increased wage will shift the total variable cost curve upward; the old and new points and the corresponding curves are shown at the right. The total variable cost curve has shifted upward because the cost of labor, Acme’s variable factor, has increased.
House Wiring for Beginners gives an overview of a typical basic domestic mains wiring system, then discusses or links to the common options and extras.
For these reasons and more, one should not carry out safety critical work based solely on wiki content. Anyone installing wiring should also understand some basic safety issues not discussed here. Junction box loop in, where the termination and feed connection are done at junction boxes, and cables run to switches and lamps from there. Split load CUs have become popular in recent years, and ubiquitous since 2008 with the introduction of the 17th edition of the wiring regs.
Some wiring work can be carried out with just a section of a CU turned off, perhaps retaining access to light and power while working. The split load arrangement means both RCDed and non RCDed loads can be supplied from the one CU.
The 17th Edition of the wiring regulations impose more frequent requirements to install RCD (or RCBO) protection than the previous 16th Edition. RCDs reduce the risks of injury from electric shock (they don't eliminate it completely), however they can also introduce reliability and issues of their own if not used in an appropriate way. With a supplier provided earth connection, the most common historical arrangement was a split CU with a RCD on one side, and no RCD on the other.
With a local earth rod, the situation is different in that all circuits must be RCD protected, since a local earth rod is not usually a sufficiently good earth on its own to clear all earth faults.
Where RCBOs are used, they are fitted in the non-RCD side of the CU, and supply circuits needing RCD protection. Neutrals for circuits protected by different RCDs (or those from an RCD and non RCD protected circuit) must not be mixed. The same principle is true for RCBOs, each RCBOed circuit needs to have its neutral connected to the RCBO neutral and not elsewhere.
Historically, installations using a supplier earth connection will run some circuits directly off the non RCD side of a CU. All socket circuits, should have RCD protection since Plug-in are the source of almost all electrocutions.
Modern installations will typically provide additional RCDs so that vulnerable circuits (i.e.
One ring circuit per floor is a fairly common arrangement, but by no means the only option. Spurs are permitted, but sockets should be included in the ring rather than spurred wherever practical.
Spurring sockets prevents the easy later addition of more sockets in some positions, as a spur may not be spurred off a spur. Recommended: 2x double sockets at each of 4 locations (in or near corners) + a double socket at side of single bed, or a double socket at each side of double bed. Recommended: 2x double sockets at each of 4 locations (in or near corners) + 1-3 double sockets where PC or AV equipment is to be used. Recommended: 2x double sockets at each of 4 locations (generally near corners), plus anything from 2 to 6 double sockets where computer or other business appliances will go. Filament lamp failures can trip MCBs, so fuses have an advantage over MCBs for lighting circuits, as they rarely nuisance trip on bulb failure. With loop-in wiring, the cable from the ceiling rose to the switch has 3 conductors, namely earth, unswitched live and switched live. So beware, if you take down a rose without paying attention to which wire is which, and you re-connect all the blacks or blues together, your fuse or MCB will trip.
The permanent lives and switched lives of the circuit use the single core and earth cable (type 6241Y).
This run starts from the MCB and loops between the lightswitches to provide a permanent live and earth to the lightswitches.
The neutral cable is a double sheathed cable (6181Y with a blue inner sheath) that runs from the CU neutral busbar and from light fitting to light fitting (there will only be one neutral at the end of the circuit). It makes it easier to put light fittings up as there are less cables to mess with at the fitting. Two way switching means having two or more switches in different locations to control one lamp. In some older properties (typically wired in or before the mid 1960s), its not uncommon to find lighting circuits without an earth wire.


Bathrooms (or rooms with showers) are "special locations" in the language of the wiring regulations.
Electrical fittings in the bathroom in zone 0 must conform to IPX7 or better, and must be of an extra low voltage type. Electrical fittings in the bathroom outside of the zones do not need to confirm to any specific IP rating, but must be appropriate for the circumstance in which they are used.
Until the introduction of the 17th edition of the wiring regulation, sockets were not permitted in a bathroom at all, unless they were either a transformer isolated shaver socket, or sockets to power extra low voltage devices, both of which are permitted in Zone 2 or outside. An electric shower will be fed on its own high current cable, fed from its own MCB on the RCD protected side of the CU. Modern kitchens often have a high concentration of electric appliances, many of them high power consumption devices. All in one electric cookers (oven, hob & grill in one unit) are fed by a high current cable from the CU, typically on a 32A MCB. Complete rewires and a number of other electrical jobs are now covered by Part P of the building regulations.
Staedter picked out the list of stops for the trip and Olson mapped out everything in just a few minutes with the algorithm he created.
Olson said there's no need for a background in computer programming to make your own homemade version of the map. If you're a little less technical, you can still use other awesome tips and tricks to plan your road trip the old-fashioned way.
To read more of Olson's post (or find out how to compute the ultimate European road trip), you can visit his blog here.
Avoiding I-95 in favor of Route 1 will take you closer to the coast and let you meander through quaint Maine towns like Ogunquit and Kennebunk. After 70 miles of driving, stop at Maine's Cape Neddick “Nubble” Light, one of the world's most photographed lighthouses, in York, and Portland Head, the state's oldest lighthouse, in Cape Elizabeth, just before you reach Portland. An eco-friendly bed-and-breakfast in downtown Portland, the Wild Iris Inn comprises seven unique rooms in an historic home. Whether you are looking to meet your single parent partner overseas or in your local area we have single parent personal ads and photo profiles to suit all your needs.
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The short runA planning period over which the managers of a firm must consider one or more of their factors of production as fixed in quantity.
Over those periods, managers may contemplate alternatives such as modifying the building, building a new facility, or selling the building and leaving the restaurant business. The relationship between factors of production and the output of a firm is called a production functionThe relationship between factors of production and the output of a firm. A total product curveGraph that shows the quantities of output that can be obtained from different amounts of a variable factor of production, assuming other factors of production are fixed.
The amount by which output rises with an additional unit of a variable factor is the marginal productThe amount by which output rises with an additional unit of a variable factor. When you read in the newspaper that productivity is rising or falling, or that productivity in the United States is nine times greater than productivity in China, the report is probably referring to some measure of the average product of labor. Marginal product, given in the third row, is the change in output resulting from a one-unit increase in labor. Your grade point average (GPA) represents the average grade you have earned in all your course work so far. However, unlike your course grades, which may go up and down willy-nilly, marginal product always rises and then falls, for reasons we will explore shortly. For this reason, we turn our attention now toward increasing our understanding of marginal product. The data in Figure 8.2 "From Total Product to the Average and Marginal Product of Labor" show that marginal product continues to decline after the fourth worker as more and more workers are hired. When additional units of a variable factor reduce total output, given constant quantities of all other factors, the company experiences negative marginal returnsThe range over which additional units of a variable factor reduce total output, given constant quantities of all other factors..
Acme experiences increasing marginal returns between 0 and 3 units of labor per day, diminishing marginal returns between 3 and 7 units of labor per day, and negative marginal returns beyond the 7th unit of labor. The law of diminishing marginal returnsThe marginal product of any variable factor of production will eventually decline, assuming the quantities of other factors of production are unchanged.
To say a firm is experiencing diminishing marginal returns is not to say its output is falling. Given its fixed factors of production, increasing the use of a variable factor will generate increasing marginal returns at first; the total product curve for the variable factor becomes steeper and the marginal product rises. Because we expect a firm’s output to vary with the firm’s use of labor in a specific way, we can also expect the firm’s costs to vary with its output in a specific way.
For most firms, variable costs includes costs for raw materials, salaries of production workers, and utilities. Acme can vary the quantity of labor it uses each day, so the cost of this labor is a variable cost.
If labor is the only variable factor, Acme’s total variable costs per day amount to $100 times the number of workers it employs. Reading over from a quantity of 6 jackets to the total product curve and then down suggests that the Acme needs about 2.8 units of labor to produce 6 jackets per day.
To complete the total variable cost curve, we need to know the variable cost for each level of output from 0 to 11 jackets per day. The total cost curve, for example, starts at $200 when Acme produces 0 jackets—that is its total fixed cost. Notice that the total cost and total variable cost curves become steeper and steeper beyond this level of output. Marginal cost falls over the range of increasing marginal returns and rises over the range of diminishing marginal returns.
The various product curves are drawn with quantity of a factor of production on the horizontal axis. Notice that the curves for short-run average total cost and average variable cost fall, then rise. The marginal cost curve intersects the average total cost and average variable cost curves at their lowest points.
Average product rises when marginal product is above it and falls when marginal product is below it.
Beyond Qa, the range of diminishing marginal returns, total cost rises at an increasing rate. An athlete can be thought of as producing aerobic capacity using a fixed factor (his or her natural capacity) and a variable input (exercise).
A person can become even more fit by exercising more, but the gains become smaller with each added day of training. Studies also show that the costs of daily training, in terms of increased likelihood of injury, are high. The marginal cost curve shows the additional cost of each additional unit of output a firm produces. This article is an introductory overview rather than a complete A to Z on rewiring, and assumes some basic electrical knowledge. Sometimes these are run from the main CU, but often from a timeswitch controlled dedicated CU (with either a separate "off peak" electricity meter, or a dual tariff meter). It works in co-ordination with circuit breakers MCBs, Fuses, and RCDs to ensure that an electrical supply can be disconnected quickly in the event of a fault.
Those that don't (generally country houses several miles from the nearest town), use a local earth rod instead. Each electrical circuit in the house takes its earth connection from the CU earthing block. In general, ANY cable which is buried less than 50mm below a wall's surface AND is NOT mechanically protected, or wired in one of a number of specialised cable types that incorporate an earthed screen must have 30mA trip RCD protection. Generally the RCD side is used to supply sockets and shower, with most other items on the non-RCD side. RCBOs allow individual circuits to be protected by their own RCD without any risk that a fault in an unrelated circuit could cause it to trip. Mostly rings are used, as they use less copper for most circuit layouts, they have safety advantages over radial circuits (sometimes debated), can provide more power, and cover more floor area per circuit. These use a ring of cable (ie a loop), so that at the CU 2 cables are connected to the MCB instead of 1. Spurs also prevent the addition of more sockets at existing spurred positions, whereas a practically unlimited number of sockets can be added where a socket is in the ring. These use a single cable from CU to socket, then a single cable to the next socket along the line etc. Recommended numbers are inevitably a matter of opinion, and are only recommended as a starting point for consideration. 1 socket somewhere out of easy reach in zone 3 if you wish to use an appliance in the bathroom (eg washing machine or dehumidifier). Given the tendency for electricity use to rise over the years, an overrated feed cable may prove useful in time.
For a dedicated horticulturalist, fluorescent lighting, a couple of splashproof double sockets positioned at head height or above, and a 13A socket for discharge lighting can all come in useful. If it goes to the bulbholder, this is called loop-in wiring, and the ceiling rose then uses four sets of connections instead of 3, the extra one being a switched live. Regs conformance requires that brown sleeving be fitted over the neutral coloured conductor at each end of the switch cable since it is being used as a live. Light switches are usually wired with standard T&E, which means the switched live wire will be black (existing installs) or blue (new installs) - this should be marked with live coloured tape or sleeving (though alas this is often missing).
Care should be taken if you have such a circuit to ensure that only appropriate light fittings and switches are used.
Usually this is a 6A MCB, but lighting is less likely to cause problems if run on a 5A fuse. This is because they are places where people are particularly vulnerable to serious injury from electric shock (due to being wet and barefoot). You would enter up to 20 destinations into RouteXL, and the site will route the trip for you. To make DIY mapping as easy as possible, check out the best road trips for families and the top 10 U.S. In between, the town of Saco will fete its sesquibicentennial (250th anniversary) this summer with five weekends of celebrations, including a citywide scavenger hunt and guided walking tours, kicking off June 9. The music video directed by Christopher Sims was exclusively premiered on ET Online on November 19 and posted on VEVO a few hours later.
The planning period over which a firm can consider all factors of production as variable is called the long runThe planning period over which a firm can consider all factors of production as variable.. Notice that marginal product is the slope of the total product curve, and that marginal product rises as the slope of the total product curve increases, falls as the slope of the total product curve declines, reaches zero when the total product curve achieves its maximum value, and becomes negative as the total product curve slopes downward. When you take an additional course, your grade in that course represents the marginal grade.
As soon as marginal product falls below average product, the average product curve slopes downward. The marginal product goes up because when there are more workers, each one can specialize to a degree.
The additional workers allow even greater opportunities for specialization, but because they are operating with a fixed amount of capital, each new worker adds less to total output.
Now the total product curve is downward sloping, and the marginal product curve falls below zero.
Diminishing marginal returns mean that the marginal product of a variable factor is declining. The opportunity to gain from increased specialization in the use of the variable factor accounts for this range of increasing marginal returns.
We shall put our information about Acme’s product curves to work to discover how a firm’s costs vary with its level of output.


The salaries of top management may be fixed costs; any charges set by contract over a period of time, such as Acme’s one-year lease on its building and equipment, are likely to be fixed costs. We assume capital is a fixed factor of production in the short run, so its cost is a fixed cost.
We can use the information given by the total product curve, together with the wage, to compute Acme’s total variable costs.
Three units of labor produce 7 jackets per day; the total variable cost of 7 jackets equals $300. If Acme produces 0 jackets, it will use no labor—its variable cost thus equals $0 (Point A?).
The variable costs and quantities of labor given in Figure 8.4 "Computing Variable Costs" are shown in boldface in the table here and with black dots in the graph. In the short run, Acme cannot increase or decrease its quantity of capital—it must pay the $200 per day no matter what it does.
Over the range of increasing marginal returns, each additional jacket requires less and less additional labor. In the range of diminishing marginal returns, each additional unit of a factor adds less and less to total output. This time the slopes of the total cost curve are shown; these slopes equal the marginal cost of each additional unit of output.
When marginal cost is below average total cost or average variable cost, the average total and average variable cost curves slope downward. The total cost at zero units of output (shown as the intercept on the vertical axis) is total fixed cost. Many trainers and coaches now recommend that athletes—at all levels of competition—take a day or two off each week. Because an increase in output requires more labor, and because labor now costs more, the marginal cost curve will shift upward. A common option is to have the supply fed through a 100mA time delayed RCD, the output of which goes to a split CU with RCD on one side. Its also common to have a ring dedicated just for sockets in the kitchen since that is where you will find many of the highest power consuming appliances in a modern house. Bear in mind the number of sockets wanted has risen greatly over the years, and can only be expected to rise further. Radials use more copper on most circuits, though less cable on physically long narrow shaped circuits. A shaver socket at the sink is an option, but plugging items in outside the room is probably better practice.
Most metal light fittings and switches will require earthing, but those marked with the double insulated symbol do not need an earth connection. Ideally the non-earthed circuit ought to be re-wired, or at least have a RCD installed to protect it. Exterior cabling must be appropriate for use outside (many cable types degrade under prolonged exposure to sunlight for example). Connection is also made to each of the protective earth wires in each circuit that feeds an appliance in the bathroom (e.g. Most hobs require their own high current feed, but some are available that incorporate load limiting switching, and are designed to be run on a 13A plug. At least that's what two people did when they decided to plan the a road trip to see the entire United States. Even better, the website will find the shortest distance between the destinations, allowing you to get there faster.
Once in Portland – the state's largest city and its cultural capital – check out attractions like the Portland Museum of Art (Maine's oldest and largest art museum), the Shipyard Brewing Company (with free daily tastings), and whale-watching cruises (offered May-October). Please be sure to open and click your first newsletter so we can confirm your subscription. For example, a restaurant may regard its building as a fixed factor over a period of at least the next year. Decisions that will affect operations over the next few years may be long-run choices, in which managers can consider changing every aspect of their operations. Acme’s variable factors of production include things such as labor, cloth, and electricity. Mathematically, marginal product is the ratio of the change in output to the change in the amount of a variable factor. As in other parts of this text, marginal values are plotted at the midpoint of each interval. While marginal product is above average product, whether marginal product is increasing or decreasing, the average product curve slopes upward. One worker might cut the cloth, another might sew the seams, and another might sew the buttonholes.
Figure 8.3 "Increasing Marginal Returns, Diminishing Marginal Returns, and Negative Marginal Returns" shows the ranges of increasing, diminishing, and negative marginal returns. Output is still increasing as the variable factor is increased, but it is increasing by smaller and smaller amounts.
Suppose you are able to hold constant all other factors—water, sunshine, temperature, fertilizer, and seed—and vary the amount of labor devoted to the garden. Producing 7 jackets requires 3 units of labor; Acme’s variable cost equals $300 (Point D?). Figure 8.5 "The Total Variable Cost Curve" gives the precise total variable costs for quantities of jackets ranging from 0 to 11 per day. That means each additional unit of output requires larger and larger increases in the variable factor, and larger and larger increases in costs.
Given the marginal decision rule’s focus on evaluating choices at the margin, the marginal cost curve takes on enormous importance in the analysis of a firm’s choices. Product curves show the relationship between output and the quantity of a factor; they therefore have the factor quantity on the horizontal axis. The marginal cost (MC) curve (from Figure 8.7 "Total Cost and Marginal Cost") intersects the ATC and AVC curves at the lowest points on both curves.
When marginal cost is greater than short-run average total cost or average variable cost, these average cost curves slope upward.
Referring to Figure 8.2 "From Total Product to the Average and Marginal Product of Labor", draw a graph showing Acme’s new total product curve. The curve has a shape very much like a total product curve—which, after all, is precisely what it is. The increase in total variable cost will increase total cost; average total and average variable costs will rise as well.
This is not an ideal arrangement, as a large earth leakage fault on the non-RCD side will cause complete power failure, and sometimes inability to reset the power. However if the area served is large, more 5A or 6A circuits would in most cases be preferable. You could pay to pay to optimize more stops if you wanted to add more than 20 destinations. It would take at least that much time to find a new building or to expand or reduce the size of its present facility. In the analysis that follows, we shall simplify by assuming that labor is Acme’s only variable factor of production.
The marginal product of laborThe amount by which output rises with an additional unit of labor. The marginal product of the fifth unit of labor, for example, is plotted between 4 and 5 units of labor.
Their increasing marginal products are reflected by the increasing slope of the total product curve over the first 3 units of labor and by the upward slope of the marginal product curve over the same range. When each additional unit of a variable factor adds less to total output, the firm is experiencing diminishing marginal returnsThe range over which each additional unit of a variable factor adds less to total output than the previous unit.. Clearly, a firm will never intentionally add so much of a variable factor of production that it enters a range of negative marginal returns. Up to the seventh jacket, each additional jacket requires less and less additional labor, and thus costs rise at a decreasing rate; the total cost and total variable cost curves become flatter over the range of increasing marginal returns.
The second curve we shall derive shows the firm’s average total cost at each level of output.
This is because the fixed costs are spread out more and more as output expands; by definition, they do not vary as labor is added. The logic behind the relationship between marginal cost and average total and variable costs is the same as it is for the relationship between marginal product and average product. On a second graph, below the one showing the total product curve you drew, sketch the marginal and average product curves. This is called equipotential bonding and is designed to minimise exposure to dangerous voltages that may be present during electrical fault conditions. Decisions concerning the operation of the restaurant during the next year must assume the building will remain unchanged. Also notice that the marginal product curve intersects the average product curve at the maximum point on the average product curve. The range over which marginal products are increasing is called the range of increasing marginal returnsThe range over which each additional unit of a variable factor adds more to total output than the previous unit.. Over the range of diminishing marginal returns, the marginal product of the variable factor is positive but falling. In the long run, the quantities of all factors of production are variable, so that all long-run costs are variable. You should, however, be certain that you understand how the numbers in boldface type were found. Average total cost (ATC)Total cost divided by quantity; it is the firms total cost per unit of output. Other factors of production could be changed during the year, but the size of the building must be regarded as a constant.
Increasing marginal returns exist in the context of a total product curve for labor, so we are holding the quantities of other factors constant. Then you could grow an unlimited quantity of food on your small plot—enough to feed the entire world! On both graphs, shade the regions where Acme experiences increasing marginal returns, diminishing marginal returns, and negative marginal returns. If your GPA is a 3.0 and you earn one more B, your marginal grade equals your GPA and your GPA remains unchanged.
You could add an unlimited number of workers to your plot and still increase output at a constant or increasing rate. It is permitted to place equipotential bonding connections immediately outside the bathroom if necessary.
Panel (b) shows that Acme experiences diminishing marginal returns between the third and seventh workers, or between 7 and 11 jackets per day. If you did not get enough output with, say, 500 workers, you could use 5 million; the five-millionth worker would add at least as much to total output as the first. Note equipotential bonding can be omitted if all the circuits that enter the bathroom are protected by RCD(s) with trip thresholds of 30mA or less. The marginal product curve intersects the average product curve at the maximum point on the average product curve. If diminishing marginal returns to labor did not occur, the total product curve would slope upward at a constant or increasing rate.



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