Total returns and diminishing marginal returns to inputs

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a.) What is the difference between diminishing total returns and diminishing marginal returns to inputs?

b.) Sketch a graph and explain why a consumer would generally prefer a cash subsidy to a food stamp.

c.) Can an Isoquant ever slope upwards? Explain.

d.) What is the difference between the Marshallian demand curve and the Hicksian demand curve?

Reference no: EM131424129

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