Managerial Economics Articles, Ebooks, Managerial Economics Case Studies, Research Papers, Essays, Notes

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Law of Diminishing Returns, Diminishing Marginal Returns

The law of diminishing returns is a concept in economic theory. It states that the output per input (productivity) declines if the input of a production factor is increased over a certain limit. Under the ...

Elasticity, Applications, Examples, Importance

In economics, elasticity is the ratio of the proportional change in one variable with respect to proportional change in another variable. Price elasticity, for example, is the sensitivity of quantity demanded or supplied to changes ...

Isoquant Introduction, Isoquant Curve

In economics, an isoquant (derived from quantity and the Greek word iso [meaning equal]) is a contour line drawn through the set of points at which the same quantity of output is produced while changing ...

Origin of the Law of Diminishing Returns

The 'law of diminishing returns' plays so large a part both in the theory of rent and the theory of population as they are now taught, that we should naturally expect to find it promulgated ...

Production Function, One Variable Factor Production Function, Two Variable Factor Production Function

The production function for a firm is the relationship between the quantities of inputs per time period and the maximum output that can be produced. It can be calculated for one or more than one ...