lego project & bucket project reflection

Your Name Your Subject and Section Your Professor’s Name March 29, 2018 Reflections on the Lego Project The Lego project demonstrates how capital, labor, and output relates to each other in an environment where rules exist. Particularly speaking, we found out that as the creation of gadgets requires particular specifications to be made within a time-constraint (30-second shifts) the number of total gadget outputs decreases. Accordingly, this is because the more variability needed (as necessitated by the rules of creation) the greater the cost is (in terms of time) for additional units. This is what is referred to as the “variable cost” of the project. Additionally, speaking, the outputs of the project shows that because the workers cannot communicate with each other nor designate what combinations to use, the project (as measured in the number of units produced) diminishes to the point where the level of benefits gained is less than the number of unique units created. This reflects what is called as the “Law of Diminishing Returns” in economics. The Law of Diminishing Returns states that “if one factor of production (the number of workers, for example) is increased while other factors (machines and workspace, for example) are held constant, the output per unit of the variable factor will eventually diminish” (BusinessDictionary.com). All in all, I believe that what would improve both the marginal reve...