A decrease in how quickly the output of a production process grows in response to more of one input. Diminishing marginal product is used to identify the point of diminishing returns, at which adding more of a material needed for production begins to have less of a benefit to the output of the process.
Related information about diminishing marginal product:
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Definition of diminishing marginal product: Fall in the rate-of-increase in output of a process as the amount of an input is increased, while the amount of other ...
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In economics, diminishing returns (also called diminishing marginal returns) is the decrease in the marginal (per-unit) output of a production process as the ...
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The law of diminishing marginal product states that as a firm uses more of a variable resource with a fixed resource and fixed technology, the marginal product of ...
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Definition of diminishing marginal product: A decrease in how quickly the output of a ... Diminishing marginal product is used to identify the point of diminishing ...
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The property of diminishing marginal product translates to the law of diminishing marginal returns, which states that as more units of an input are used, each ...