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.
This modified model of Easton’s systems theory puts government decision makers as the source of pol
Inverse Relation Between IQ and Disease. Could this explain the Flynn effect?
A Production Function with Diminishing Marginal Product of Capital
E9-23 Prepare income statements Explain the difference in operating income
Under ideal conditions, a single cell of the bacterium E. coli would divide every 20 minutes to ...
Explain the myogenic autoregulation of the glomerular filtration rate