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What is Diminishing Returns in Labour Economics about?

Firms combine factors of production to produce output, which results in costs for the firm. However, the sale of output generates revenue. In the short run, at least one factor of production is fixed, while labor is considered a variable factor. As more labor is added to fixed factors, the marginal product of labor initially rises due to gains from specialization, such as workers specializing in tasks they are suited for. However, eventually diminishing returns set in as the additional output from adding mo

Author

070_tom

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EN