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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A monopoly firm must shut down in the short run when: (w) P < minimum [average total costs [ATC]]. (x) P > minimum [average total costs [ATC]]. (y) this cannot cover all variable costs. (z) P does not equal marginal costs [MC]. Discover Q & A Leading Solution Library Avail More Than 1419467 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1923172 Asked 3,689 Active Tutors 1419467 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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