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HORIZONTAL ADDITION: In graphical analysis, the technique of combining two curves by adding the value of the variable on the horizontal or X axis for a given value of the variable on the vertical or Y axis. This is commonly done when deriving a market demand curve from a set of individual demand curves. The quantity demanded by every individual is added at a given price to identify the total market demand at that price.

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Lesson 14: Production | Unit 2: Production Measures Page: 9 of 25

Topic: THE Law <=PAGE BACK | PAGE NEXT=>

  • THE fundamental principle of short-run production illustrated by these marginal product numbers is the law of diminishing marginal returns.

  • The law of diminishing marginal returns is a principle stating that as more and more of a variable input is added to a fixed input, the marginal product of the variable input eventually declines.
  • Two types of marginal returns are actually illustrated here.

    • Increasing Marginal Returns.

    • Decreasing Marginal Returns.

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PRICE

An asset or item voluntarily exchanged in a market transaction for another asset or item. This item or asset is usually, but not necessarily, money. A barter transaction occurs if money is NOT one of the assets or items exchanged. In a standard market diagram, price is displayed on the vertical axis.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for telephone calls from former employers.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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