ECO - Explain the law of diminishing marginal returns

1. Explain the law of diminishing marginal returns?

2. Explain the following terms:
a. Isoquant
b. Marginal rate of technical substitution
c. Isocost and what is the composition of this equation.

3. How do we determine the optimum level of for two inputs in the long run?

4. How do we determine the optimal level of a single input in the short run?