The subsequent table gives total output or total product

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Reference no: EM1326443

Definition and example of the Law of Diminishing Returns

The following table gives total output or total product as a function of labor units used.

LABOR TOTAL OUTPUT
0 0
1 5
2 9
3 12
4 14
5 15

a) Define diminishing returns.

b) Does the table indicate a situation of diminishing returns? Explain.

Reference no: EM1326443

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