What is diminishing marginal product if you have a business


What is 'diminishing marginal product'? If you have a business and someone tells you that you've hired labor to the point that you have diminishing marginal product of labor, should you be concerned? Does this mean profits aren't being maximized?

Solution Preview :

Prepared by a verified Expert
Business Management: What is diminishing marginal product if you have a business
Reference No:- TGS02172897

Now Priced at $20 (50% Discount)

Recommended (95%)

Rated (4.7/5)