Diminishing marginal returns-implicit cost-marginal revenue

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Reference no: EM131164561

1. Define, describe and use an example for the following terms: Diminishing Marginal Returns, Implicit cost, Marginal revenue, Price ceiling, Price takers.

2. Describe the type of elasticity that consumers would hold with a Rolex watch and a generic bottled water.

3. How can diminishing marginal returns occur at a restaurant kitchen with 12 chefs?

Reference no: EM131164561

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