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? Explain your answer.

Answer rating: 100% (QA)

1 The law of diminishing return states that As more and more units ... View the full answer