What is the law of diminishing marginal productivity?

A. What is the law of diminishing marginal productivity? Give an example from your workplace/household of the law of diminishing marginal productivity?.
a) Why is the demand of labor a derived demand?
b) What is the relationship between productivity and the wages earned by an employee? What are some factors that determine the level of your income?

Solution Summary

The relationship between productivity and the wages earned by an employee is illustrated in this tutorial. It is just under 300 words with references.