According to economics, the law of diminishing returns usually appears on a topic that deals with costs. According to the law of diminishing returns, additional workers in a firm, or variable input added in into the production process would result in a fall of the quantity produced in the short run or at least a single factor of production is held constant (Mankiw, pp. 158 - 165). The law of diminishing returns provides that each additional unit of an input used in the production results in an increase in production by smaller and smaller amounts.
As an economics student, I have found ...
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The law of diminishing returns states that when one aspect in the manufacture of a product is increased while holding the other factors constant, there will be a reduction in the magnitude of the output in the short run.
For instance, if a company ‘X’ increases one factor of production, say labor, a point will be arrived at whereby additional workers become less and less productive than a certain number of workers. This is accrued to increasing only factor of production disregarding the others. If for example the company increased all the factors of production, the level of production of the commodity would ...
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