Bus 325 Week 1 Discussion 2 – Response

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Please respond to the following: The chapter describes five different economic principles and provides an example of each principle. Imagine that you are one of the authors of the textbook. Select one principle and create an additional example that will help students understand that principle better. The principal that I selected was Diminishing Returns. An example of diminishing returns could be similar to the saying, “Too many cooks in the kitchen can spoil the broth.” Let’s say that you own a fast food restaurant. You hire one worker at number of burgers made goes up by 10 per hour. You hire one more worker and the increase burger output by 11; add one more worker adds 12 burgers. However, adding that 4th worker only adds 7 burgers. The grill is getting cramped, people can’t move as easily. Adding a 5th worker would only add 3 more burgers. People can barely move around the grill. From worker number 1 to worker number 3 outputs is increasing at an increasing rate (12, 11, 12…)

Bus 325 Week 1 Discussion 2 – Response