State and explain the law of diminishing returns

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1) State and explain the law of diminishing returns. How might this law apply if you were studying for an examination for an online course?

2) What is the difference between explicit and implicit costs? Which of the costs is most closely associated with opportunity costs and why?

3) Explain the relationship between AP and MP. Be sure to state how they relate to each other when the MP is greater than AP, equal to AP and less than the AP.

Reference no: EM131096604

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