anisaalim214
anisaalim214 anisaalim214
  • 15-10-2020
  • Business
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use the table and proivded and explain the law of diminshing returns

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use the table and proivded and explain the law of diminshing returnsplz help asap class=

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melocule
melocule melocule
  • 15-10-2020

Answer:

The law of diminishing returns states that at some point, the amount of additional output per amount of additional input decreases more and more as more inputs are used. In other words, at some point the marginal product will continuously decrease with more labor (input).

This is reflected in the table, where marginal product decreases past 2 units of labor. At 2 units, the marginal product is 14. This reduces to 6 at 3 units, and further to 2 with 12 units of labor.

Explanation:

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