The law of diminishing returns applies to many situations from "summary" of The Economic Naturalist by Robert H. Frank
The law of diminishing returns is a fundamental concept in economics that states that as one input is increased while all other inputs are held constant, the marginal output will eventually decrease. This concept can be observed in various situations beyond just the realm of economics. For example, consider the act of studying for an exam. Initially, spending more time studying can lead to a significant increase in knowledge and understanding of the material. However, as one continues to study beyond a certain point, the additional time spent may not result in a proportional increase in knowledge. This is because the brain can only absorb so much information at a time before reaching a point of diminishing returns. Similarly, the law of diminishing returns can also be applied to the consumption of certain goods or services. For instance, indulging in a favorite des...
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