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Suppose that when the price of hamburgers decreases, the Ruiz family increases their purchases of ketchup.To the Ruiz family,
Marginal Product
The extra production generated when one more unit of a particular input is added, with all other inputs remaining unchanged.
Law of Diminishing Returns
An economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other variables remain constant.
Extra Output
The additional production that is generated as a result of adding more of a variable input, such as labor or capital.
Diminishing Returns
A principle stating that as additional amounts of a variable input are added to a fixed input, beyond some point the marginal product of the variable input begins to decrease.
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