Question

explain law of diminishing returns and write their limitations ​

Answer 1

Answer:

Every farmer knows by experience that, if a particular piece of land is cultivated over and over again, it generally yields less than proportionate returns. If every year more, and still more, units of labour and capital are put into it, the successive return per unit does not increase, but actually decreases

The law assumes that all units of a single factor of production must be identical. This is however not practical usually and becomes a hurdle in an application. In our above examples, labor becomes the specific input, other factors held constant.

Answer 2

Answer:

In economics, diminishing returns is the decrease in the marginal output of a production process at the amount of a single factor of production is incrementally increased, while the amounts all other factors of production stay content.

Hope it's help ......