Explain the law of Diminishing Returns withit anply to agriculture onl

1.	Explain the law of Diminishing Returns withit anply to agriculture only?
Answer» Ineconomics, thelaw of diminishing marginal utilitystates that the marginal utility of a good or service declines as its available supply increases. Economic actors devote each successive unit of the good or service towards less and less valued ends. The law of diminishingmarginalutilityis used to explain other economic phenomena, such astime preference. Whenever an individual interacts with an economic good, he or she necessarily acts in a way that demonstrates the order in which he or she values the use of that good. Thus, the first unit of a good is dedicated to the individual's most valued end, the second unit is devoted to the second most valued end and so on.

Explain the law of Diminishing Returns withit anply to agriculture only?

Answer»

Ineconomics, thelaw of diminishing marginal utilitystates that the marginal utility of a good or service declines as its available supply increases. Economic actors devote each successive unit of the good or service towards less and less valued ends. The law of diminishingmarginalutilityis used to explain other economic phenomena, such astime preference.

Whenever an individual interacts with an economic good, he or she necessarily acts in a way that demonstrates the order in which he or she values the use of that good. Thus, the first unit of a good is dedicated to the individual's most valued end, the second unit is devoted to the second most valued end and so on.

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