Illustrates the Law of Returns to scale
Illustrates the Law of Returns to scale?
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In the long run all the factor of production is variable and an increase in output is possible by raising all the inputs. The Law of Returns to scale illustrates the technological relationship in between changing scale of output and input. The law of returns of scale describe how a simultaneous and proportionate raise in all the inputs influences the total output. The rise in output may be proportionate, less than proportionate or more than proportionate. If the rise in output is proportionate to the raise in input, this is constant Returns to scale. If this is less then proportionate this is diminishing returns to scale. The rising return to the scale comes first, and after that constant and at last diminishing returns to scale happens.
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While an economic change creates one person worse off without influencing anyone else, this is: (w) good for society. (x) an inefficient change. (y) neither bad nor good for society. (z) strictly a macroeconomic issue. Discover Q & A Leading Solution Library Avail More Than 1455254 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1927425 Asked 3,689 Active Tutors 1455254 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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