Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
12th Edition
ISBN: 9780134078779
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Chapter 7, Problem 2.1P

(a)

To determine

Define the diminishing return.

(b)

To determine

The diminishing return.

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The following table gives total output or total product as a func- tion of labor units used. LABOR TOTAL OUTPUT 1 5 2 9 3 12 4 14 5 15 a. Define diminishing returns. b. Does the table indicate a situation of diminishing returns? Explain your answer.
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