Consider Chapter 7, the nature of production, and the law of diminishing returns. In that law,...

Consider Chapter 7, the nature of production, and the law of diminishing returns. In that law, we see increasing returns at the start of production, after which production exhibits diminishing returns (increases slowly) until production reaches its peak. Then, production will exhibit negative returns if we attempt to push beyond that. Now, think about your work day - it could be a work day at your place of employment or a work day of school activities or a workday at home if you are a homemaker. Provide an example of how your work day exhibits increasing returns, diminishing returns and then negative returns. Be sure to explain how all these THREE different types of returns would happen. You may not conclude that you are somehow missing one of the three types of returns.

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Rahul Sunny answered 1 year ago

What is the law of diminishing returns in production and how it affects the level of...

What is the law of diminishing returns in production and how it affects the level of output? You could use the marginal product of labour and the marginal product of capital. Topics are related to first half of the course and include theories and practices. Write an essay at least 2,000 words.

In that law, we see increasing returns at the start of production, production then exhibits diminishing...

In that law, we see increasing returns at the start of production, production then exhibits diminishing returns until it peaks, and then will exhibit negative returns if we attempt to push beyond that. Now, think about your work day - it could be a work day at your place of employment or a work day of school activities or a workday at home if you are a homemaker. Provide two examples of how your work day exhibits increasing returns, diminishing...

explain the Law of diminishing returns.

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