What is the meaning of diminishing returns to labor?

Learning Goal: I’m working on a economics discussion question and need an explanation and answer to help me learn.Grading rubric:0: no submission or finished less than half of the questions with extremely poor answers
50: finished at least half of the questions and answers show minimal effort
100: finished at least 80% of the questions and answers show satisfactory effort (do not need to be all correct)
Instructions: This is an individual assignment. Please read Chapter 3 Gains and Losses from Trade in the Specific-Factors Model (you are responsible for p. 61 – 79 & p. 82 – 84 Application). Type up your answers to the following questions:What are the two specific factors?
What are the assumptions made about the specific factors?
What is the mobile (non-specific) factor?
What is the meaning of diminishing returns to labor? How does this affect the shape of PPF?
Are there gains from trade for the Home country as a whole? Why?
What will happen to a worker’s nominal wage and real wage when trade causes Home country’s relative price of manufactures to go up? Explain using the case where PM increases and PA stays unchanged after trade compared to autarky.
What will happen to a capital owner’s nominal rental and real rental when trade causes Home country’s relative price of manufactures to go up? Explain using the case where PM increases and PA stays unchanged after trade compared to no trade.
What will happen to a land owner’s nominal rental and real rental when trade causes Home country’s relative price of manufactures to go up? Explain using the case where PM increases and PA stays unchanged after trade compared to no trade.
Requirements: 400

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