Answered: the fixed input is the two hectare of…

the fixed input is the two hectare of land and the variable input is fertilizer explain how the principle of diminishing return work in the outputs.

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter8: Production And Costs

Section: Chapter Questions

Problem 13QP

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Concept explainers

Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.

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8. If the fixed input is the two hectare of land and the variable input is fertilizer explain how the principle of diminishing return work in the outputs.

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