Discussion Questions
DQ 1A – What is the textbook definition of law of diminishing marginal productivity? How would you restate this definition in your own words?
DQ 1B – After answering Week 2 – DQ 1A, then answer this: How does the law of diminishing marginal productivity affect the cost of production?
DQ 1C – Give us an example that you have seen from any of your work places of how the law of diminishing marginal productivity has shown up.
DQ 2 – Describe an example you are familiar with in which a technological innovation led to an improvement in productivity. If possible, include your insights on the costs (such as manpower, fixed costs and variablecosts) and prices.
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