Law of Diminishing Returns The Law of Diminishing Returns says that when some inputs are fixed in capacity in the short run‚ increasing the variable input working with the fixed inputs would first lead to increasing additional output per additional unit of variable input‚ but eventually decreasing additional output per additional unit of variable input after the optimal capacity of the fixed input has been exceeded. Let’s look at a simple short-run production process where there is a fixed input
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administrative management theory Henri Fayol’s theory is extremely comprehensive as a way to deal with management techniques. It is also the most used because it has been proven to work. It’s being comprehensive as it covers just about anything one might need to do in a management position to ensure success. WEAKNESSES 1. It is still based on human application The weaknesses to the theory are that it is still based on humans. As humans we are naturally going to make mistakes. The theory works on the
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management theory Henri Fayol ’s theory is extremely comprehensive as a way to deal with management techniques. It is also the most used because it has been proven to work. It’s being comprehensive as it covers just about anything one might need to do in a management position to ensure success. WEAKNESSES 1. It is still based on human application The weaknesses to the theory are that it is still based on humans. As humans we are naturally going to make mistakes. The theory works on the
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utility. That is utility - the meeting of a need or being satisfied. Now Marginal Utility is the change in utility from one more good or service being consumed. So the amount of utility from the first cup of coffee or that first breath is huge. Diminishing Marginal Utility is the fact that each addition good or service consumed‚ creates a smaller and smaller amount of additional utility. In the examples above‚ that second cup of coffee in the morning or the second breath after the first will provide
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What is the difference between competitive advantage and comparative advantage? Answer: An advantage that a firm has over its competitors‚ that differentiates the Product or services offered by the firm and allows the firm to reduce it’s Cost or generate Higher Revenue or Margin is known as Competitive Advantage. A competitive advantage is something that a consumer views in a product or service as having higher value than the other competitors of the firm in the industry. It is an expertise that
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“describe” the law separate and distinct from morality or ideology. WHAT MAKES KELSEN A LEGAL POSITIVIST? 1. Kelsen’s theory is free from ideological issues‚ and no value judgments are made concerning the “legal system per se.” 2. Historical‚ sociological and moral issues are beyond the scope of Kelsen’s pure theory of law. As such‚ Kelsen’s “Pure Theory” attempts to examine and define what law “is” outside the purview of these normative areas. “The pure theory of law is a theory of positive
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| |Research Methodology | |Difference between Theory and Law | | | Difference between the Law and the Theory Law 1) An empirical generalization; a statement of a biological principle that appears to be without exception at the time it is made‚ and has become
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Kelson’s pure theory of law and exposes essential properties of certain phases of its development; point to the contribution of Merkl and Verdross to the making of pure theory of law and to the main determinants of Kelsen’s attempts to formalize jurisprudence (the science of law) for the purpose of creating conditions for exact and objective study of positive law; analyzes the meaning and scope of Kelsen ’s normativisms and provides his views of further making of the pure theory of law. Aim and objectives
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Explain Natural Law theory In this essay‚ I will discuss the theories behind Natural Law‚ as well as the qualities it is seen to possess. I will explain Aquinas’ concepts and theory on Natural Law‚ discussing eudaimonia and the doctrine of the double effect. Finally‚ I will reflect on some of the positive and negative aspects‚ in summarising Natural Law theory. It is important to highlight that Natural Laws differ from acts which occur naturally. There are many aspects to Natural Law‚ the first being
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developing the theory of legal positivism. He attempted to clearly separate moral rules from "positive law." Austin’s theory also falls under Constitutions‚ International Law‚ non-sanctioned rules‚ or law that gives rights. Austin believed that people have different interpretations of what is wrong and right. Therefore‚ ’set’ laws needed to be established that has to be obeyed. There are three aspects of Austin’s theory of law - Analytical Jurisprudence‚ Legal Positivism and Command theory of law and the
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