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LAW OF DIMINISHING MARGINAL RETURNS: A principle stating that as more and more of a variable input is combined with a fixed input in short-run production, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. Among a host of other things, it offers an explanation for the upward-sloping market supply curve. How does the law of diminishing marginal returns help us understand supply? The law of supply and the upward-sloping supply curve indicate that a firm needs to receive higher prices to produce and sell larger quantities. Why do they need higher prices?
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ECONOMICS A social science that studies the allocation of limited resources used to produce the goods and services that satisfy unlimited consumer wants and needs. Economics is one of several social sciences (others are sociology, political science, and anthropology) which applies the scientific method to human behavior. The distinguishing feature of economics is a concern with the fundamental problem of scarcity--unlimited wants and needs and limited resources. Economics is commonly divided into two branches--macroeconomics and microeconomics.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?
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The average length of a "business lunch" is about 36 minutes.
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"If you wouldn't write it and sign it, don't say it." -- Earl Wilson, Columnist
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NLLS
Nonlinear Least Squares
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