The Law of diminishing marginal utility:
This law was first of all developed by H.H Gossen in 1854 AD, which is also
Positive cross elasticity of substitute goods
Cross elasticity of demand is positive because when the price of one commodity i.e. x commodity
Marginal Cost (MC)
Marginal Cost (MC): It refers to the change in total cost due to change in additional unit of output
Application of Law of diminishing return especially in agriculture
Role of nature: Nature plays vital role than man in agriculture. Natural factors like rainfall, landslide, sunlight, etc. are