At some point in any process, effort expended eventually produces less and less return. As an example, weeding a garden produces great results in the first hour or so, but further effort produces less and less result.
The classical economists were of the opinion that the taw of diminishing returns applies only to agriculture and to some extractive industries, such as mining, fisheries urban land, etc. The law was...
the characteristic of any production system in which increases in variable inputs result in increasing reduction of total output. An indicator of when to stop making additional inputs to the system,...
Suppose that one kilogram of seed applied to a plot of land of a fixed size produces one ton of crop. You might expect that an additional kilogram of seed would produce an additional ton of output....