What is the law of diminishing returns can you give an, Business Economics

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What is the law of diminishing returns can you give an

1. What is the law of diminishing returns? Can you give an example of when diminishing returns have set in (could set in) at the place you work/would like to work?

2. What is the difference between economic profits and accounting profits? Can you give examples of costs (opportunity or explicit) you think your firm overlooks/might overlook when it calculates its costs and profits?

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