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How can diminishing marginal returns occur

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Reference no: EM131382645

Part 1: IN YOUR OWN WORDS, DO NOT USE ANY REFERENCES! Please define, describe and use an example for the following term. Minimum of 55 words each.

Price Takers

Implicit Cost

Price Ceiling

Marginal Revenue

Diminishing Marginal Returns

Part 2: Answer the following question in your own words (between 100-150 words).

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

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

Reference no: EM131382645

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