Explain the law of diminishing returns in your own words., Ask an Expert

Economics

Subway restaurants require labor to produce output. The number of workers to hire is often an important decision of Subway because it affects the costs and profits of the firm.

1.) Discuss two factors that would increase your demand for labor.

2.) Is labor an fixed or variable cost in the short run? What are the fixed costs of your firm?

3.) Explain the law of diminishing returns in your own words. This idea can be applied to other concepts in economics. Think about your own utility from consumption. Give a personal example of diminishing utility.

4.) How is wage determined in any market?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9292885

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