0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Why law of diminishing returns is considered a short-run phenomenon?
why law of diminishing returns is considered a short-run phenomenon?
What is the best explanation of why the law of diminishing returns does not apply in the long run?
All factors of production are variable in the long run.
Who is responsible for the law diminishing returns?
Thomas Malthus
Who is responsible for the law of diminishing returns?
Thomas Malthus
Why isoquants convex to the origin?
law of diminishing returns
What offsets the law diminishing returns?
technical innovation
Who is responsible for law of diminishing returns?
Thomas Malthus
The importance of the law of diminishing returns?
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.
What is the law of diminishing returns?
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
Who is responisble for the law of diminishing returns?
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.
What the cause of the diminishing returns law?
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.
What offset the law of diminishing returns?
technical innovation
