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Q5.1 Define the law of diminshing Returns. Why does it take place? Q5.2 Define the relationship between Average product and Marginal product. At what point

Q5.1 Define the law of diminshing Returns. Why does it take place? Q5.2 Define the relationship between Average product and Marginal product. At what point MP=AP Q5.3 Discuss the relationship between Marginal cost and ATC(Average cost). At what point MC=ATC Q5.4 What are scale economies? Do scale economies take place in the short run or long run?

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