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The behavior of average product and marginal product and Law of diminishing returns.

State the law of diminishing returns. Then describe why you agree or disagree with the following statements.

(a) If the marginal product of labor is decreasing, the average product of labor is decreasing.
(b) If the marginal product of labor is increasing, the total product of labor is increasing at an increasing rate.
(c) When the marginal product also the average product are similar the average product is at a maximum

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M916190

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