Explain the law of diminishing marginal returns?
2. Explain the following terms:
a. Isoquant
b. Marginal rate of technical substitution
c. Isocost and what is the composition of this equation.
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Write My Essay For Me3. How do we determine the optimum level of for two inputs in the long run?
4. How do we determine the optimal level of a single input in the short run?
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