The law of diminishing marginal returns explains quizlet

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Diminishing returns to labour in the short run. As more of a variable factor (e.g. labour) is added to a fixed factor (e.g. capital), a firm will reach a point where it has a disproportionate quantity of labour to capital and so the marginal product of labour will fall, thus raising marginal cost and average variable cost.
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Noun: 1. law of effect - (psychology) the principle that behaviors are selected by their consequences; behavior having good consequences tends to be repeated whereas behavior that leads to bad consequences is not repeated
The marginal returns to each successive increment of labor input get smaller and smaller and ultimately turn negative. The law of diminishing returns is significant because it is part of the basis for economists' expectations that a firm's short-run marginal cost curves will slope upward as the number of units of output increases.
As it is. diminishing returns means an inexorable decline In thc marginal product of each additional labourer as an expanding population is applied. with static techniques, to ;1 fixed world supply of agricultural But let there be no ruisundcrxtandiug need not arr ivc at the dumal conclusion t at such law of dinunishing returns the and marginal returns must cvcu tully decline . The law of diminishing marginal returns states that as successive amounts of the variable input, i.e., labor, are added to a fixed amount of other resources, i.e., capital, in the production process the marginal contribution of the additional variable resource will eventually decline.
The law of diminishing returns indicates why a. beyond some point, the extra utility derived from additional units of a product will yield the consumer smaller and smaller amounts of additional satisfaction. b. the firm's total fixed costs do not change with output in the short run.The marginal cost (MC) and average cost (AC) curves are U-shaped because of the law of diminishing returns. The lowest point on the MC and the AVC curves shows the point where diminishing marginal retunrs and diminishing average returns set in respectively Total product is the output of a good or service generated by using factor inputs.
The Law of Diminishing Marginal Returns The law of diminishing marginal returns is a law of economics that states an increasing number of new employees causes the marginal product of another employee to be smaller than the marginal product of the previous employee at some point. For example, a factory employs workers to manufacture its product. This is a case of diminishing returns that has the special title of "the law of diminishing marginal utility. " It is based on everyday observation and introspection. After four beers, a fifth gives less pleasure than the fourth, a third hamburger gives less satisfaction than the second, etc.
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