Outline and Give an Example of When the Changing Conditions

question 2

Essay

Outline and give an example of when the changing conditions design would be most appropriate to use.

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Definitions:

Law of Diminishing Returns

An economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other inputs remain at a constant.

Average Total Costs

The cost of producing each unit, calculated by dividing the overall production expense by the number of units produced.