Law of diminishing marginal retu Study guides, Class notes & Summaries
Looking for the best study guides, study notes and summaries about Law of diminishing marginal retu? On this page you'll find 1 study documents about Law of diminishing marginal retu.
All 1 results
Sort by
-
PRODUCTION AND COST ANALYSIS IN THE SHORT RUN
- Summary • 8 pages • 2021
-
- $2.70
- + learn more
A.	Three measures of productivity, or the relationship between inputs and the output, are total product, average product and marginal product 
 
This chapter introduces students to short-run production and cost. In the short-run, all production functions incur diminishing returns when variable inputs are used relative to at least one fixed input, reducing the additional amounts of the output being produced. Diminishing returns in production causes a short-run increase in the marginal cost, as ...
Want to regain your expenses?
How much did you already spend on Stuvia? Imagine there are plenty more of you out there paying for study notes, but this time YOU are the seller. Ka-ching! Discover all about earning on Stuvia