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Diminishing returns from study

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When you study, how might you know that you are at a point of diminishing returns, or where more study will not benefit you like it did before? Can you identify any of the costs that would help you decide how much study is enough?

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To answer this question you must consider how to measure the benefit that you derive from study. Possible methods include the number of textbook problems that you can solve per hour or the scores you get on tests. You will know you are at the point of diminishing returns when you get ...

Solution Summary

This solution shows how you can use the law of diminishing returns to decide when you have studied anough.

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Study questions

1. Between 1968 and 1980, the US economy experienced a slowdown in productivity growth. However, since the mid 1980s, the economy has experienced increases in the growth rate in productivity. Can you give reasons why US productivity growth started to increase during the late 1980s and continued throughout the decade of the 1990s?

2. Due to the presence of diminishing returns to capital, doubling the amount of physical capital available for one worker to use will _______.
decrease output by less than a factor of two
increase output by less than a factor of two
increase output by exactly a factor of two
increase output by more than a factor of two

3. Economies with higher growth rates tend to be those that _______.
have large amounts of natural resources
have a stable government that protects property rights
have high levels of government regulation
have all of the above

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