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The Law of diminishing returns is a key one in economics. It is used to explain many of the ways the economy works and changes. It is a relatively simple idea The law of equi-marginal utility or Gossen's second law explains how a consumer The law operates based on the law of diminishing marginal In our example,

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The law of diminishing marginal utility describes a familiar and fundamental This law can be explained by taking a very simple example. Laws of Returns: One very simple example of a production function might be Q=K+L, The law of diminishing returns states that in all productive processes,

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Diminishing Returns- Free definitions by Babylon

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