It's all like a beautiful dream! And then you wake up and you are hit by ordinary reality. Yes, life has a way of intruding into our hope for happiness. For the ordinariness of living always impinges on our dreams. But this is what really counts in your pursuit: happiness is a state of "fulfillment." That is when our hopes reach reality. And few of us are so lucky to reach that state. The Law of Diminishing Returns does not apply to relationships. For the more you grow together, the more you create complementary lifestyles and the more you aspire to the same values, the greater the likelihood of reaching a happy state. It takes work, a realistic assessment of what is possible and, most of all, patience. But let me assure you, it's worth the effort. Read more about "Creative Problem Solving", the way to a functioning and happy relationship in Meyer's book on "Marriages, Shack-ups and Other Disasters."
why law of diminishing returns is considered a short-run phenomenon?
All factors of production are variable in the long run.
law of diminishing returns
Thomas Malthus
technical innovation
Thomas Malthus
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.
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.
technical innovation