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Law of diminishing marginal returns and the law of diminishi

Explain the difference between the law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution?

Can you help me find some examples to prove the difference?

Solution Summary

According to the law of diminishing marginal returns, if we add more of one input, say labor, the margin product will eventually fall.

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Sandeep Bardia, MBA

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Active since 2005

BCom, SGTB Khalsa College, University of Delhi
MBA, Rochester Institute of Technology

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