Accession Number : AD0771309

Title :   The Law of Diminishing Returns.

Descriptive Note : Research rept.,

Corporate Author : CALIFORNIA UNIV BERKELEY OPERATIONS RESEARCH CENTER

Personal Author(s) : Shephard,Ronald W. ; Fare,Rolf

Report Date : OCT 1973

Pagination or Media Count : 37

Abstract : A weak set of axioms is used for the production correspondences x maps to P(x) and u maps to L(u), x is an element of (R sup n, sub +), u is an element of (R sup m, sub +), not assuming free disposability of inputs and outputs, to formulate and deduce a law of diminishing returns with necessary and sufficient conditions for strong limitationality of essential factors of production. The necessity of the axioms for a weak and strong law is examined. (Author)

Descriptors :   *Economics, *Production, Convex sets, Theorems

Subject Categories : Economics and Cost Analysis
      Operations Research

Distribution Statement : APPROVED FOR PUBLIC RELEASE