Hello everyone, In your own words, explain the law of diminishing marginal productivity. Be sure to mention why the law tends to hold in the short run. In the law of economics, I believe that the law of diminishing marginal productivity results in either an increase, decrease or there is a negative output. If the production process of a single variable input on a fixed amount of input increases, then each of the additional units of variable input will add less and less to the production output. The law of diminishing marginal productivity tends to hold in the short run because there are fixed factors of production already exist. All the factors are not variable in the short run, so production can decrease at a decreasing rate. Based on your readings this week, in your opinion which factors impact the supply curve for physicians the most? In your own words, explain how each factor impacts the supply curve. The number and process of issuing licenses to physicians is limited and this will result to a limit in supply. Low wages and long working hours also impact the supply curve. Low wages will cause physicians to have long working hours to make up the lost money allowing them to pay back student loans, insurance, and other expenses. When the demand for physicians rises and is on the higher end, wages will increase which will allow for more physicians to join the market and work fewer hours causing less stress. Strict immigration policy toward the physicians will decrease the supply of physicians in other countries. If the policy is not implemented too harshly, then you could see an increase in physicians from other countries which would create a rise in supply of physicians. Finally, technological change put pressure on physicians to learn new strategies which could lead to a decrease of physicians. - Brandon Dewar, D. (2015). Essentials of Health Economics (Essential of Public Health). Burlington, MA: Jones & Bartlett Learning Law of Diminishing Marginal Productivity. (n.d.). Monash Business School. https://www.monash.edu/business/marketing/marketing-dictionary/l/law-of-diminishing-marginal-productivity