if a very few resources are currently commited to education then an increase in resources used...

if a very few resources are currently commited to education then an increase in resources used can bring () to education

Expert Solution

If a very few resources are currently commited to education then an increase in resources used can bring relatively large gains to education.

The above pattern of using resources is based on the law of diminishing returns. According to this law, when there are additional increment of resources for a certain purpose, the marginal benefit out of those additional increments will decline. For example, take the production possibility frontier to explain the effect of additional resources on education, where education is shown on the horizontal axis. The production possibility frontier depicts that when additional resources are added to education, moving from left to right along the X-axis, the initial gains are fairly large, but it decreases gradually.

In order to find out the gains from committing additional marginal resources to education, we need to find out how much is already spent on education. If very few resources are currently commited to education, then an increase in resources used can bring relatively large gains. Similarly, if a large amount of resources is already committed to education, then committing additional resources will bring relatively smaller gains.

Rahul Sunny answered 2 years ago

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