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.
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
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.
It was propounded in 1772-1823 by David Ricardo.