What do economists mean by “diminishing returns” to an input? What causes diminishing returns? Have...

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What do economists mean by “diminishing returns” to an input? What causes diminishing returns? Have you ever observed this principle at work in a job you’ve had? Describe how you’ve experienced this concept in the real world.

I need it to be no more than 150 words and is due by today at 4pm eastern time

Robert · Accepted Answer

By “diminishing returns” to an input economists mean the economic law that states 
that, “if one input in the production of a commodity is increased while all other inputs are 
held fixed, a point will eventually be reached at which additions of the input yield 
progressively smaller, or diminishing, increases in output” (Encyclopaedia Britannica, 2006).

What do economists mean by “diminishing returns” to an input? What causes diminishing returns? Have you ever observed this principle at work in a job you’ve had? Describe how you’ve experienced this...

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