The Law of Diminishing Marginal Returns
The law of diminishing marginal returns to a variable factor applies to the short run. It posits an effect of decreased added or marginal product of from variable factors, which increases the supply price of added output. The law is related to a positive slope of the short-run marginal-cost curve.
Read more about this topic: Long Run And Short Run
Famous quotes containing the words the law of, law, diminishing, marginal and/or returns:
“Two principles, according to the Settembrinian cosmogony, were in perpetual conflict for possession of the world: force and justice, tyranny and freedom, superstition and knowledge; the law of permanence and the law of change, of ceaseless fermentation issuing in progress. One might call the first the Asiatic, the second the European principle.”
—Thomas Mann (1875–1955)
“When shot, the deer seldom drops immediately, but runs sometimes for hours, the hunter in hot pursuit. This phase, known as ‘deer running,’ develops fleet runners, particularly in deer- jacking expeditions when the law is pursuing the hunters as swiftly as the hunters are pursuing the deer.”
—For the State of Maine, U.S. public relief program (1935-1943)
“If the Russians have gone too far in subjecting the child and his peer group to conformity to a single set of values imposed by the adult society, perhaps we have reached the point of diminishing returns in allowing excessive autonomy and in failing to utilize the constructive potential of the peer group in developing social responsibility and consideration for others.”
—Urie Bronfenbrenner (b. 1917)
“Of course I’m a black writer.... I’m not just a black writer, but categories like black writer, woman writer and Latin American writer aren’t marginal anymore. We have to acknowledge that the thing we call “literature” is more pluralistic now, just as society ought to be. The melting pot never worked. We ought to be able to accept on equal terms everybody from the Hassidim to Walter Lippmann, from the Rastafarians to Ralph Bunche.”
—Toni Morrison (b. 1931)
“Under the spell of moonlight, music, flowers or the cut and smell of good tweeds, I sometimes feel the divine urge for an hour, a day or maybe a week. Then it is gone an my interest returns to corn pone and mustard greens, or rubbing a paragraph with a soft cloth.”
—Zora Neale Hurston (1891–1960)