Explain the law of diminishing marginal returns

Reference no: EM131805758

Having some trouble with this labor economics question. If someone could help me out in layman's terms I would really appreciate it!

The firm's demand for labor is a derived demand

a. Explain the law of diminishing marginal returns and show graphically how it affects labor demand curves.

b. lain and show graphically why the marginal revenue product of labor is the basis for a

c. short-run labor demand curve. perfectly Contrast and show graphically the labor demand curves of firms which operate in competitive versus imperfectly competitive output markets.

Reference no: EM131805758

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