Answer:
Option (a) is correct.
Explanation:
According to the law of diminishing marginal productivity, if there is an increase in the input in the production of a certain commodity then as a result there is an increase in the output of that commodity, initially but further increase in the input will have no impact on the output of the commodity or will have a negative impact.
In our case, when farmer hires 3rd worker, the output increases by 1,400(4,400-3,000) bushels. According to the law of diminishing marginal productivity, if he hires 4 workers then there is an increase in the output but less than the 1,400 bushels.
This condition will be satisfied in the option (a), where output increases by 1,200 bushels.
Answer:
Variable factory overhead = 3.00
Fixed factory overhead = 1.80
Explanation:
See the table in the attached image
Answer: Option D
Explanation: In simple words, movement along the demand curve refers to the change in the demand of a product due to change in its price. When there is a change due to factors other than price then such change brings shift in the demand curve.
In the movement, the demand of a commodity remains constant with all other factors such as advertising, income of consumers etc.
Hence from the above we can conclude that the correct option is D.
