CBSE Class 11-commerce Answered
what is law of diminishing return? why does this law become operative? and thanks a lot for helping me with many questions your app is really good please keep on helping like this thank you for your help
Asked by rksharmaramjas | 26 Feb, 2020, 07:02: PM
Expert Answer
Law of diminishing returns states that when more and more units of a variable factor are employed with fixed factors, the MP of the variable factor falls.
In simple terms, every additional variable factos adds lesser and lesser amount of output.
Law of diminishing returns helps to determine the optimum variable factor (labour) required to produce maximum output. Also, helps to analyse capital-labor ratio required in the production priocess.
Answered by Christina | 27 Feb, 2020, 02:53: PM
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