How law of diminishing returns reflected in shape of curve

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Q. If you had conducted your survey over a period of 5 successive years, rather than over 5 successive months, would own-cost elasticity of demand for your product be larger or smaller than your estimate here?

Q. How is law of diminishing returns reflected in shape of total product curve? Illustrate what is relationship between diminishing returns and stages of production?

Reference no: EM1367608

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