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This 5 page paper answers question set by the student concerning single currency areas and the way in which exchange rates may be affected by different events and investor perceptions.
Page Count:
5 pages (~225 words per page)
File: TS14_TEecqu01.rtf
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asked (not included in the page count). The bibliography cites 3 sources. TEecqu01.wps
Questions on Economics Written United Kingdom, February 2001 For
More Information on How To Use This Report Correctly, Please Visit /aftersale.htm 1. In a production process subject to the law of diminishing returns, how is the
value of the average product related to the value of the marginal product? Illustrate your point with a supporting diagram. The
law of diminishing returns recognises that there will be a specific point at where costs will be minimised due to an optimum production level. This is calculated by recognising that
there are fixed costs and marginal costs that will fixed costs, these are costs such as premises that will remain the same regardless of if one unit is produced or
if 100 units are produced. Then there are variable or marginal costs, these will vary depending on the number of unit produced, these will include the raw materials and labour
(Nellis and Parkler, 1998). Therefore once more or less than the optimal number of units are produced the average total cost will not be at its lowest point, as shown
in figure 1. Figure 1 Production costs Average total Cost Average fixed cost Production costs Total Fixed Costs Average
fixed costs q1 Output (Q) Therefore the optimal production is where there is the
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