Explain the assumptions of Law Diminishing Returns
Explain the assumptions of Law Diminishing Returns.
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The Law of Diminishing Returns is based upon the given assumptions as follows:
Returns are based upon the given assumptions as illustrated:
a. The production technology keeps unchanged
b. Each variable factor is homogeneous.
c. Some one factor is constant
d. The fixed factor keeps constant.
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For labor Plastibristle’s demand for labor is least wage elastic at: (i) point a. (ii) point b. (iii) point c. (iv) point d. Discover Q & A Leading Solution Library Avail More Than 1451885 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1948556 Asked 3,689 Active Tutors 1451885 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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