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, when the input exceeds the additional output.
In economics, diminishing returns (also called diminishing marginal returns) is the decrease in the marginal (per-unit) output of a production process as the amount of a single factor of production is increased, while the amounts of all other factors of production stay constant.
this principle states that for any athletes gains in fitness are more rapid early in a program,and later gains are more difficult to achieve
If there are fixed units, increased use of variable input will continue to increase production at a decreasing rate because of congested us of the fixed inputs.
Output increases at a diminishing rate as more variable inputs are added.
why law of diminishing returns is considered a short-run phenomenon?
Thomas Malthus
law of diminishing returns
technical innovation
Thomas Malthus
why law of diminishing returns is considered a short-run phenomenon?
Thomas Malthus
Thomas Malthus
law of diminishing returns
technical innovation
Thomas Malthus
The law of diminishing returns helps managers maximize their profits. At the point where their costs begin to rise, they can switch to another product to make more money.
the law of diminishing returns states that as a set of variable factors is added to a set of fixed factor, the marginal product and average product will first increase then eventually decrease
An economist by the name of Turgot was responsible for the law of diminishing returns. Thomas Malthus and David Ricardo also had an influence of this principle which evolved from agriculture and food production.
will the significance of the law of diminishing returns is that this determines the range of the products that is been produced if it is marketable.
technical innovation
Get the question right. Then you might get a sensible answer. Do you mean "Law of Diminishing Returns"? To answer this you need to state the context.