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Question 2

There is no difference between the law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution. True or False. Explain and offer examples to further illustrate your explanation.

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Beverley Smith
Beverley SmithLv2
30 Mar 2019
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Related questions

  1. The Law of diminishing marginal utility is just a theory that has no application to everyday life. None of us behave as if we were subject to this law. True or False? Explain.
  2. Diamonds have a greater marginal utility than water. True or False? Explain.
Ā 

Hello-

Can you please help me answer the following question?

The Law of Diminishing Marginal Utility is just a theory that has no application to everyday life. None of us behave as if we were subject to this law. True or False? Explain.

Thank you

3. Thinking of your own consumer tendencies, provide an example andexplain how the law of diminishing marginal utility applies to yourpersonal consumption patterns and how the utility-maximization ruleand the income and substitution effects play a role in yourshopping at the mall and grocery stores.

4. Is the law of diminishing returns impacted as a result of firmsnot hiring the best workers that may be available for positionswithin the firm or organization? Explain your answer.

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