Economics Homework Solutions
#58962
law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution
Explain the difference between the law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution?
Can you help me find some examples to prove the difference?
According to the law of diminishing marginal returns, if we add more of one input, say labor, the margin product will eventually fall.
What is this?
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