Increasing return to a factor
Describe the likely behaviour of total product beneath the phase of increasing return to a factor.
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Increasing return to a factor is the first level of Law of return to a factor. Whenever more and more units of a variable factor is joined with fixed factor up to a certain phase, the total physical product increases along with increasing rate.
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When it is feasible for total revenue to cover all variable costs, an unregulated monopoly which does not price discriminate maximizes economic profits or else minimizes losses through producing the r
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Revenue deficit: Whenever revenue expenses are greater than revenue receipts, it is termed as revenue deficit.
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