What is the law of diminishing returns

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Reference no: EM133281308

Questions -

Q1. What are total, average and marginal product?

Q2. What is the law of diminishing returns? Provide an example.

Q3. Why managers should differentiate historical costs from replacement costs?

Q4. Why managers should be aware of implicit and explicit costs?

Q5. How much profit monopoly firms make in the short run and long run?

Q6. Can a monopoly make a loss in the short run and long run?

Reference no: EM133281308

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