What is the law of diminishing returns? Can you give an example of when diminishing returns...

What is the law of diminishing returns? Can you give an example of when diminishing returns have set in (could set in) at your job (*a High School)? If diminishing returns have set in then what do you think is happening to the short run costs? Why?

Expert Solution

Definition-

Law of diminishing returns is nothing but when you get to add the inputs the output increases less proportionately than the change in inputs and this is usually referred by the law.

Example in High School

one experience in High school that I can quote for the law of diminishing returns is that if I actually studied for 2 hours then I used to get 50 marks out of hundred and if I studied for 4 hours I used to get 70 marks and this tells you that double the amount of input is giving an output which is less than double that of the previous output and this is law of diminishing returns.

if diminishing returns exist then you can actually see that the cost of producing one unit of output keeps on increasing as you move on and this actually increases the average cost of a product. Consider for $10 you are able to produce 10 items and with the law of diminishing returns in Play, for $20 you can produce 15 items and you can hear observe the change of average cost from $1 to 1.5 dollars and this means that the average short run cost gets to increase of there is law of diminishing returns.

Rahul Sunny answered 1 year ago

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