Question
Please explain detail one by one step what is the difference between two statements. some tutors in here in coursehero there are tutors who just
Please explain detail one by one step what is the difference between two statements.
some tutors in here in coursehero there are tutors who just copied the answer from other website and paste it here without proper explanation.
please read my question properly before answering, my point is at which point in the following statement does "the marginal product of labor falls" distinguish from labor obeys the law of diminishing returns? and what is the differences? previous tutor just mentioned that statement 1 is referring to a particular point but statement ll is talking about universal case, which does not help me understand at all!!!!!. I wanted detail explanation up to the point where I can not say "why" again.
Please explain what is the difference between he marginal product of labor falls and labor obeys the law of diminishing returns with detail explanation
I.If the marginal product of labor falls whenever more labor is used, and labor is the only factor of production used by the firm, then at every output level the firm's short-run average variable cost exceeds marginal cost.
II.If labor obeys the law of diminishing returns and is the only factor of production used by the firm, then at every output level short-run average variable cost exceed marginal costs.
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