Law of diminishing marginal returns
Question: 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?
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Q1. What is the marginal product of the first unit of labor? Q2. What is the marginal product of the eightieth unit of labor?
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Explain the difference between the law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution?
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