Diminishing returns is graphed by assigning the input factor to the x-axis and assigning the output, or product, to the y-axis. The total product curve is the total number of units produced per units of input. The marginal product curve is the marginal product generated per units of input. Diminishing returns is reflected at the point where the marginal product curve has a negative slope.Know More
The law of diminishing returns is an economic theory that states there is a point in a production process where the increase of a variable input causes a decrease in the marginal product output, holding all other production factors constant.
For example, XYZ Auto Company is selling more vehicles than it is capable of producing. To keep up with demand, XYZ begins a hiring campaign. In the first week after hiring 10 new workers, 100 automobiles are produced, which is 50 more than the previous week. This results in a marginal product number of 50 automobiles. The next week, XYZ hires another 10 workers resulting in a total of 200 vehicles produced. The marginal product number for this week is 100. Another 10 workers are hired the next week, and the company produces 250 vehicles. The marginal product number is 50 automobiles, which is a reduction from the previous week. It is at this point the production process is experiencing the law of diminishing returns.Learn more about Economics
Graphing a piecewise-defined function is a process that takes a variable amount of time depending on the complexity and scale of the function being graphed. You need graphing paper and a pencil.Full Answer >
The National Center for Education Statistics states that on a bar graph where the bars are placed vertically, the y-axis runs vertically from the bottom to the top of the graph. On bar graphs where the bars run horizontally, the y-axis is placed horizontally from left to right.Full Answer >
To reflect an image across the x-axis, the image's y coordinates must be flipped. This means that if an image has the x and y coordinates (x, y) of (3, 2), (4, 4) and (5, 2), the reflected image must have the coordinates (3, -2), (4, -4) and (5, -2).Full Answer >
Items that bear the Fair Trade logo are Fair Trade certified, meaning that the price of the item covers both the cost of production and a fair living wage for the workers to cover basics such as food, shelter, clothing, education and medical care. The Fair Trade logo also represents a commitment to environmental sustainability, empowerment of small-scale producers and fair and safe working conditions.Full Answer >