Carefully explain the role of the Law of Diminishing Marginal Product (marginal returns) in determining the U-shape

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Carefully explain the role of the Law of Diminishing Marginal Product (marginal returns) in determining the U-shape of AVC and ATC. (Hint: Think of what a typical production functions shows to you as what happens to the output as you increase the input in the short run. Suggested response length: two paragraphs

Posted Date: Jun 12, 2024 12:08 PM

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Carefully explain the role of the Law of Diminishing Marginal Product (marginal returns) in determining the U-shape

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