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PRINCIPLES OF RURAL ECONOMICS 



Here the number of plots is rather small, though the results are 

 valuable because they are the average for a long period of time. 

 They show constant returns from the first two doses (Plots' 6 

 and 7), but sharply diminishing returns from the third dose 

 (Plot 8). Allowing that 43 pounds of nitrogen cost $6.50 and 

 that wheat sells f or $ i a bushel, the profits are as follows : 



However, if the price of wheat were higher or the cost of nitro- 

 gen lower, the loss from the third dose of nitrogen (Plot 8) 

 might be turned into a profit. 



Waste labor. Though the student can easily see how very 

 important it is that we should economize the labor power of 

 the community, yet the principle is not universally understood. 

 That waste labor power is the form of waste which is least under- 

 stood and appreciated is shown by the fact that a great many 

 people, perhaps a majority, not only do not deprecate it, but 

 actually think it a good thing. A leisure class to consume the 

 products of the workers is thought by many to be an economic 

 necessity. However, nothing is more certain than that waste of 

 any kind, particularly the waste of a factor of production, in- 

 creases the burden upon those who work, and tends, in general, 



