What is meant by diminishing returns …
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Sia ? 6 years, 4 months ago
Diminishing returns to a factor refer to a phase when with every increase in the variable factor, the total product increases at a decreasing rate and marginal product falls, but remains positive. This is the second phase of the law of variable proportions and every rational firm would like to operate in this stage because TP is maximum in this stage and MP of each variable factor is positive.
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