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What is meant by diminishing marginal returns

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Reference no: EM132338448

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

1. Define the terms

2. Explain the terms

3. Offer an example to further illustrate your point

Reference no: EM132338448

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