The Law of Diminishing Returns
The law of diminishing returns has one consequence where at a certain level, production of more of units output increases cost at an increasing rate. This is because inputs continue to be less effective. This law states that continued addition of a factor of production will get to a point and certainly yield less per unit- returns (Reynolds, 2013). The realization of the law of diminishing returns becomes evident where grasping concepts of economics in my studies well enough to apply them perfectly becomes a problem. Reading and trying to understand the concepts like elasticity and supply and demand curves over and over again tends to saturate my mind such that when I start applying them, I get more confused. So for every time I spend reading the same concepts makes me less effective and even ruins my earlier knowledge. Every marginal cost becomes an opportunity cost, and the wasted time and increased confusion yields a poor grade, hence a diminished return.
There is that minimal time which a particular student can grasp information and be effective in his or her test.After spending that time studying, there is always a notion to continue studying the information over again for better grades. What we don’t understand is extra studying is a waste of time costing you more confusion and one becomes less productive in good thinking during the test.The law of diminishing return is very applicable in my studies, every grade equivalents a certain level of yield depending on how much time was used. If there are other activities done concurrent with the study, spending much of time studying tends to affect both tasks. For example working and studying part-time, if more time is spent on studies, the yield regarding investment returns at work becomes less. I am certain that striving to get grade A may be unimportant when something else one should be doing is at risk of failing. Grade B might be worth yielding high returns at the job as compared to using more time of study for a better grade.
References
Reynolds, M. R. (2013). Interpreting the g loadings of intelligence test composite scores
In light of Spearman’s law of diminishing returns. School Psychology Quarterly, 28(1), 63.