Compare and contrast among the concept of diminishing return

Reference no: EM133411014

Question: Using production function equation with only two inputs, say capital and labor, compare and contrast among the concept of diminishing returns to scale (RTS), constant RTS and increasing RTS of a production function. Is diminishing RTS realistic? Give an example. Does diminishing RTS imply positive cross-productivity effect between production inputs? Why or why not?

Reference no: EM133411014

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