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....
The law of diminshing return is an term used in economics. It refers to how the marginal production of a factor of production starts to progressively decrease as the factor is increased, in contrast...