What is the law of diminishing returns

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1. What is the law of diminishing returns? Can you give an example of when diminishing returns have set in (could set in) at the place you work/would like to work?

2. What is the difference between economic profits and accounting profits? Can you give examples of costs (opportunity or explicit) you think your firm overlooks/might overlook when it calculates its costs and profits?

Reference no: EM131094539

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