Describe in your own words the law of diminishing marginal returns.
Please refer attached file for complete solution. Graph is missing here.
Law of diminishing return says that as we increase one input keeping other inputs constant, marginal product of varying input will start decline after some point.
In the following graph, varying input units are displayed on the X axis and output is shown on Y axis. As we see that as we increase units of varying input X keeping the other inputs constant. We observe that Marginal product starts ...
Solution describes the law of diminishing returns with the help of suitable graph in about 250 words.