Answer to Question 1
The law of diminishing returns says that when additional units of a variable input are added to fixed inputs after a certain point, the marginal product of the variable input declines.
Answer to Question 2
Patent laws are necessary to promote innovation. Without such laws an inventor might spend countless hours and a great deal of money developing a new product, put the product out into the market only to have a competitor copy it without incurring any of the time or costs to develop it. In the long run, this prospect would serve as a mighty disincentive to innovate and so would drastically reduce the supply of new products that come into the market.
Diminishing and disappearing populations.
The strange situation. The Strange Situation features a series of episodes in which (a) the mother l
A Production Function with Diminishing Marginal Product of Capital
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For the circuit in Figure 1, assume ideal diodes. The peak inverse voltage is approximately