Keyword: law of diminishing returns
Law of Diminishing Returns (11/2/2011)
The Law of Diminishing Returns says that when some inputs are fixed in capacity in the short run, increasing the variable input working with the fixed inputs would first lead to increasing additional output per additional unit of variable input, but eventually decreasing additional output per additional unit of variable input after the optimal capacity of the fixed input has been exceeded.
Law of Diminishing Returns (transcript) (1/29/2012)
The Law of Diminishing Returns says that when some inputs are fixed in capacity in the short run, increasing the variable input working with the fixed inputs would first lead to increasing additional output per additional unit of variable input, but eventually decreasing additional output per additional unit of variable input after the optimal capacity of the fixed input has been exceeded.
Marginal Cost and Average Total Cost (11/2/2011)
Marginal cost and average total cost can be derived from the short-run total cost subject to the law of diminishing returns.
Marginal Cost and Average Total Cost (transcript) (1/29/2012)
Marginal cost and average total cost can be derived from the short-run total cost subject to the law of diminishing returns.
Marginal Cost, Average Variable Cost and Average Fixed Cost (11/2/2011)
Marginal cost, average variable cost and average fixed cost can be derived from a short-run production function subject to the law of diminishing returns.
Marginal Cost, Average Variable Cost and Average Fixed Cost (transcript) (1/29/2012)
Marginal cost, average variable cost and average fixed cost can be derived from a short-run production function subject to the law of diminishing returns.