asked 213k views
0 votes
Use the table and proivded and explain the law of diminshing returns

plz help asap ​

Use the table and proivded and explain the law of diminshing returns plz help asap-example-1

1 Answer

3 votes

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.

Step-by-step explanation:

answered
User Touko
by
8.7k points

Related questions

1 answer
0 votes
16.1k views
asked Feb 17, 2021 83.2k views
Humphrey asked Feb 17, 2021
by Humphrey
8.2k points
1 answer
4 votes
83.2k views
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.