Explain in your own words how the law of diminishing returns

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Economic short response: Market Structure - Profit Maximization

Question (a) Explain in your own words how the law of diminishing returns will at some point yield lower per-unit returns. Additionally, explain its impact to profit maximization in a firm. (150 words)

Question (b) Give three real world examples of implicit costs associated with economic profit that are not included in this weeks materials.

Reference no: EM133477340

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