The theory of diminishing returns relates to the marginal utility of production. Marginal utility measures the amount of utility gained from increasing or decreasing the consumption of economic ...

The primary mission of the JEI is to present articles that use and develop the core ideas of institutional economics in discussions of current economic problems and policy alternatives. The JEI is the ...

Most growth models are based either on the assumption of fixed production coefficients for labour and capital or on the assumption of substitutability between factors. The present paper proposes a ...

Microeconomics, in its examination of the behavior of individual consumers and firms, is divided into consumer demand theory, production theory (also called the theory of the firm), and related topics ...