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1. Describe the Law of Diminishing Returns (aka Diminishing Marginal Product) to a factor of production. Discuss an example from your personal life or business experience. How does this Law lead to increasing marginal cost?
For the table, if your only cost was labor, the column for (TRP – TLC) would be the firmâ€™s total profit for different levels of labor input. Show how maximizing profit leads to the same input decision as setting (MRP – MLC) = 0.
3. Define the difference between Total Product, Average Product, and Marginal Product, of a given factor. Which of those 3 concepts is more important in achieving profit maximization? Explain.