Accession Number:

AD0699154

Title:

PROOF OF THE LAW OF DIMINISHING RETURNS

Descriptive Note:

Research rept.

Corporate Author:

CALIFORNIA UNIV BERKELEY OPERATIONS RESEARCH CENTER

Personal Author(s):

Report Date:

1969-12-01

Pagination or Media Count:

52.0

Abstract:

Based on a general mathematical model of a technology, implying certain properties for the production function, weak and strong forms of a physical law of diminishing returns are derived. It is also shown that the classical forms of this law hold if the technology is homogeneous degree one and the production possibility sets of the technology are strictly convex, but the latter property violates an essential property of a technology, namely that these sets have bounded efficient subsets.

Subject Categories:

  • Economics and Cost Analysis
  • Operations Research

Distribution Statement:

APPROVED FOR PUBLIC RELEASE