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Other Fields Homework Help Economics Topic started by: djsmyers on Nov 12, 2017



Title: Were it not for the law of diminishing marginal returns, we could grow the world's food supply from ...
Post by: djsmyers on Nov 12, 2017
Were it not for the law of diminishing marginal returns, we could grow the world's food supply from a flowerpot.


Title: Re: Were it not for the law of diminishing marginal returns, we could grow the world's food supply ...
Post by: desperado2 on Nov 12, 2017
True. Given the current state of technology, the law of diminishing marginal returns limits the amount of additional output yielded from additional labor working the flowerpot. Revoking the "law" would allow output to increase at a non-decreasing rate when more labor is applied to the flowerpot.