Solution-Explain the law of diminishing marginal returns

Explain the law of diminishing marginal returns

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Reference no: EM131408742

Flovodoh Economics Assignment

Each response much be thoroughly answered.

1. Explain the difference between explicit and implicit costs of production.
2. Explain the reasoning behind the U-shaped, long-run, average cost curve.
3. Explain the law of diminishing marginal returns.
4. Describe economies and diseconomies of scale.
5. Given the following data, calculate the total fixed total variable and marginal costs at each level of production.

Quantity	Total Cost	Total Fixed Cost	Total Variable Cost	Average Total Cost	Marginal Cost
0	$100
1			$20
2					$30
3			$100
4				$75

Reference no: EM131408742

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Explain the law of diminishing marginal returns

Reference no: EM131408742

Reference no: EM131408742

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