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The Law of Diminishing Returns: Theory and Applications: Understand the fundamentals of economic productivity
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About this ebook
Understand the fundamentals of economic productivity
This book is a practical and accessible guide to understanding diminishing returns, providing you with the essential information and saving time.
In 50 minutes you will be able to:
• Understand the theory of diminishing returns and the effects caused by changes in the production process
• Analyze the recent interpretations and developments of the theory, and how they can be applied to the current economy
• Identify how you can use the theory to avoid diminishing returns in your production through constant innovation
ABOUT 50MINUTES.COM | Management & Marketing
50MINUTES.COM provides the tools to quickly understand the main theories and concepts that shape the economic world of today. Our publications are easy to use and they will save you time. They provide elements of theory and case studies, making them excellent guides to understand key concepts in just a few minutes. In fact, they are the starting point to take action and push your business to the next level.
This book is a practical and accessible guide to understanding diminishing returns, providing you with the essential information and saving time.
In 50 minutes you will be able to:
• Understand the theory of diminishing returns and the effects caused by changes in the production process
• Analyze the recent interpretations and developments of the theory, and how they can be applied to the current economy
• Identify how you can use the theory to avoid diminishing returns in your production through constant innovation
ABOUT 50MINUTES.COM | Management & Marketing
50MINUTES.COM provides the tools to quickly understand the main theories and concepts that shape the economic world of today. Our publications are easy to use and they will save you time. They provide elements of theory and case studies, making them excellent guides to understand key concepts in just a few minutes. In fact, they are the starting point to take action and push your business to the next level.
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The Law of Diminishing Returns - 50minutes
Key points
Names: Law of diminishing returns, law of variable proportions, principle of diminishing marginal productivity, diminishing marginal returns
Uses: Business economics, sectorial economy, theories of innovation, studies on the creation of rent
Why is it successful? As a short-term theory, it promotes the best decisions on the allocation of production factors
Key words:
Average: The result of adding all of the elements in a series, then dividing the result by the number of units that make it up.
Capital: A factor of production including everything outside of human labor (machines, bank assets, etc.).
Economy of scale: The phenomenon that leads to lower costs as the quantity produced increases, due to the amortization of initial investments.
Margin: The difference between the cost price and the selling price.
Returns: Ratio between the result obtained from a task and the allocated time.
Rent: Income from holding capital or, according to the Ricardian analysis, the income of the holders of the first units put into production when the performance of the last units begins to decrease.
Work: Human activity carried out in exchange for compensation.
Introduction
By taking elements from
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