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Explain why firms will experience diminishing marginal returns to labor in the short run.
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- Explain the difference between diminishing total returns and diminishing marginal returns to labor.Labor demand In the long-run:describe what a firm will do when its long-run condition is not met, i.e, when will it hire more or less labor?Why does the learning curve apply mainly to direct rather than indirect labor?
- Following is information on the production levels of three different firms. Firm A is currentlyproducing at a quantity where it is experiencing increasing returns. Firm B is currentlyproducing at a quantity where it is experiencing diminishing returns. Firm C is currentlyproducing at a quantity where it is experiencing negative returns.a. If each of the firms cut back on its labor force, what will happen to its marginalproduct of labor? And why?b. If each of the firms adds to its labor force, what will happen to its marginal product oflabor? And why?Why does the marginal product of labor start to decrease after a certain number of workers are hired? What makes the difference? a) The variable input continues to increase while the fixed input is fixed. b) Both the variable and the fixed inputs are increasing at the same rate. is it a or b?
