Explain the Law of Diminishing Returns and Explain Whether the Law

question 107

Essay

Explain the law of diminishing returns and explain whether the law of diminishing returns applies in the long run?

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Definitions:

Informational

Pertaining to or providing information; often associated with data, facts, or knowledge communicated or received.

Decisional

Pertaining to or involving the process of making decisions.

Robert Katz

Identified for his theory on managerial skills, notably the importance of technical, human, and conceptual skills in management.

Technical Skills

The specific knowledge and abilities required to perform specialized tasks, especially relating to complex processes or machinery, often acquired through education and training.