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Why does the law of diminishing returns apply to so many different types of production? Why does that mean increasing marginal costs?

Why does the law of diminishing returns apply to so many different types of production? Why does that mean increasing marginal costs?

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This is because production... View the full answer

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Part A The reason is that most of production firms and organization engages in the economical way of cost minimization and... View the full answer

The law of diminishing returns states that output increases... View the full answer

2 comments
  • I am sory I failed to submit the second part. This is the answer. It means that the marginal cost of production is increasing. Marginal cost refers to additional cost for producing one unit of a commodity. Diminishing marginal returns results in increased marginal cost per unit of production
    • celestinengetich
    • May 15, 2018 at 10:49am
  • I am really sorry for that
    • celestinengetich
    • May 15, 2018 at 10:50am

According to law of Diminishing returns, when more and more... View the full answer

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