law of diminishing returns

Isoquants and Returns to Scale: Long-run Production

In the short run, capital is a fixed factor of production and only labour can be varied by firms to change output. The Law of Variable Proportions holds in the…

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July 15, 2022

Consumer Behaviour / Microeconomics

Cardinal Utility Analysis and Law of Diminishing Returns

Cardinal utility analysis attempts to explain the logic behind consumer behaviour by attaching value to the utility derived from the consumption of a commodity. By consuming a commodity that individuals…

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March 1, 2022

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