Define the law of diminshing returns

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Question 1 Define the law of diminshing Returns. Why does it take place?

Question 2 Define the relationship between Average product and Marginal product. At what point MP=AP

Question 3 Discuss the relationship between Marginal cost and ATC(Average cost). At what point MC=ATC

Question 4 What are scale economies? Do scale economies take place in the short run or long run?

Reference no: EM133270484

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