Excel: The law of diminishing marginal returns
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4 سال پیش
-
The law of diminishing marginal
The law of diminishing marginal returns is when you have fixed resources and keep adding variable resources, for example, more workers, the additional output will eventually decrease. You reach a point where input yields progressively smaller or diminishing returns.
Pizza example: I open a pizza restaurant with one oven. I can only make 20 pizzas a day. I add another worker. Now I'm making 45 pizzas a day instead of 40 (20 x2). This is because of specialization. I'm making pizza, while the new worker is handling orders and doing other stuff. Another worker comes on board, and we go from 45 to 75. One more worker, worker 4, and we go from 75 to 110 pizzas a day. The next worker comes on board and we go from 110 to 135. So total output went up from 110 to 135, but the marginal increase went down. That is the diminishing marginal returns.
Worker Output Marginal change
0 0 0
1 20 20
2 45 25
3 75 30
4 110 35
5 135 25 (law of diminishing returns)
6 155 20
7 165 10
8 150 -15 (negative returns)
Chapters:
0:00 Intro
0:26 Finished graph
3:00 Marginal output calculation
5:30 IF function
7:12 Chart created
Websites:
Chris Menard's website: https://chrismenardtraining.com
Cristian's YouTube Channel: @graphicious
And make sure you subscribe to my channel!
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DISCLAIMER: Links included in this description might be affiliate links. If you purchase a product or service with the links I provide, I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel, so I can continue to provide you with free content each week!
Pizza example: I open a pizza restaurant with one oven. I can only make 20 pizzas a day. I add another worker. Now I'm making 45 pizzas a day instead of 40 (20 x2). This is because of specialization. I'm making pizza, while the new worker is handling orders and doing other stuff. Another worker comes on board, and we go from 45 to 75. One more worker, worker 4, and we go from 75 to 110 pizzas a day. The next worker comes on board and we go from 110 to 135. So total output went up from 110 to 135, but the marginal increase went down. That is the diminishing marginal returns.
Worker Output Marginal change
0 0 0
1 20 20
2 45 25
3 75 30
4 110 35
5 135 25 (law of diminishing returns)
6 155 20
7 165 10
8 150 -15 (negative returns)
Chapters:
0:00 Intro
0:26 Finished graph
3:00 Marginal output calculation
5:30 IF function
7:12 Chart created
Websites:
Chris Menard's website: https://chrismenardtraining.com
Cristian's YouTube Channel: @graphicious
And make sure you subscribe to my channel!
○ My camera – https://amzn.to/3vdgF5E
○ Microphone - https://amzn.to/3gphDXh
○ Camera tripod – https://amzn.to/3veN6Rg
○ Studio lights - https://amzn.to/3vaxyy5
○ Dual monitor mount stand - https://amzn.to/3vbZSjJ
○ Web camera – https://amzn.to/2Tg75Sn
○ Shock mount - https://amzn.to/3g96FGj
○ Boom Arm - https://amzn.to/3g8cNi6
○ Screen recording – Camtasia – https://chrismenardtraining.com/camtasia
○ Screenshots – Snagit – https://chrismenardtraining.com/snagit
○ YouTube keyword search – TubeBuddy – https://www.tubebuddy.com/chrismenard
DISCLAIMER: Links included in this description might be affiliate links. If you purchase a product or service with the links I provide, I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel, so I can continue to provide you with free content each week!
4 سال پیش
در تاریخ 1399/07/17 منتشر شده
است.
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