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.
What are examples of ideal forms?
Under ideal conditions, a single cell of the bacterium E. coli would divide every 20 minutes to ...
Explain how it can be desirable from an intertemporal perspective for a country run a current ...
If CP for an ideal gas is 35.4 J/molK, which of the following is CV for this gas?
Explain the myogenic autoregulation of the glomerular filtration rate
For the circuit in Figure 1, assume ideal diodes. The peak inverse voltage is approximately