Answer to Question #50568 in Economics of Enterprise for Christoph Liquor
Use the law of diminishing returns to explain why pro golfer Rory McIlroy should not spend all of his practice time working on his putting.
The law of diminishing returns states that in all productive processes, adding more of one factor of production, while holding all others constant, will at some point yield lower incremental per-unit returns. The law of diminishing returns does not imply that adding more of a factor will decrease the total production, a condition known as negative returns, though in fact this is common. So, the more golfer works on his putting, the less are positive returns.
No comments. Be first!