Definition and example of the law of diminishing returns., Ask an Expert

Economics

Definition and ex of the Law of Diminishing Returns

The following table gives total output or total product as a function of labor units used.

LABOR TOTAL OUTPUT
0 0
1 5
2 9
3 12
4 14
5 15

a) Define diminishing returns.

b) Does the table indicate a situation of diminishing returns? describe.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M923939

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