The law of diminishing marginal returns states that eventually the marginal product of an input will tend

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The law of diminishing marginal returns states that eventually the marginal product of an input will tend to fall as more input is added. Describe real-life scenarios, explaining why this is likely to happen. For example, imagine a backyard garden of fi xed size and all other inputs except labor also fi xed; will adding a worker increase your output? Will adding another increase output by as much? Another?

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The Economics Of Health And Health Care

ISBN: 9781138208049

8th Edition

Authors: Sherman Folland, Allen C. Goodman, Miron Stano

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