Topic: Explain the Law of Diminishing Returns
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What is the Law of Diminishing Returns?
The law of diminishing returns is an economic concept that basically says, the more help you get, the less each additional unit of help you get helps! Think of it this way: let's say you have a big pile of laundry. In fact, you probably nee... Read More »
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How to Calculate the Law of Diminishing Returns
The Law of Diminishing Returns states that at some point the amount of output you get for your inputs is going to reduce, and eventually your inputs actually make your output go down. For example, you have a factory, and you find that addin... Read More »
Source: http://www.ehow.com/how_7227291_calculate-law-diminishing-returns...
What are assumptions of law of diminishing returns?
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 first stated by a Scottish farmer as such... Read More »
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Explain the Law of Diminishing Returns
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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.
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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 out...
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Source: http://wiki.answers.com/Q/What+is+marginal+returns+of+diminishing
When a manager of a small business has to determine its production schedule, it is unlikely that she draws cost curves and ponders how diminishing returns affects a J-shaped graph. Nonetheless, businesses unknowingly incorporate the law of ...
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Answer By the time it starts to operate, you have already let it go way too far.
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Tendency for a continuing application of effort or skill toward a...
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Decreasing returns to scale imply that the firm is suffering from some sort of diseconomy of scale. As the scale of operations increases, dis economies are encountered that increase unit cost of production This could be due to managerial pr...
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