Honeymoon packages hawaii for While the authors differed on the question of whether tariffs would be beneficial, all agreed that preserving the wartime advances in British agriculture would require sustaining high prices. Moreover, they claimed, in the absence of sufficient technological progress, population growth and the principle of diminishing returns would lead to still higher grain prices if imports were prohibited. Diminishing returns and firm supply. For modern economic theory, the importance of the principle of diminishing returns lies in its ability to explain why the short run supply functions of individual producers will be upward sloping.
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Let the marginal cost of production be defined as the extra cost incurred when output is raised by one unit. Standard optimization techniques reveal that in order to maximize profit, a perfectly competitive firm must produce the amount of output that makes its marginal cost of production equal to the market-determined 666 principle of diminishing returns price of output. This ensures that a competitive firm's supply function will coincide with the function that relates its marginal cost of production to the amount it produces.
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