What is meant by diminishing marginal returns

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1. In the short run if a firm produces nothing, then the total costs are zero. Discuss

2. What is meant by diminishing marginal returns? Does it always occur in the short run? Discuss.

3. Which is greater- economic profit or accounting profit? Discuss

Always define your terms/concepts, next offer an example and then finally explain/discuss: See grading rubrics.

Reference no: EM132245642

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