Illustrate what occurs to demand scale substitution effect

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Reference no: EM1320361

Q. Conversion on long-run production returns to scale also the corresponding long-run average cost concept of economies of scale.

Please provide responses to the subsequent questions:
A industry experiences increasing returns to scale; that is, doubling all its inputs more than doubles its output. Illustrate what can be inferred about the industry's short-run costs?
Carefully explain the difference between diseconomies of scale also diminishing returns.

Q. Graphically, Elucidate how Illustrate what occurs to demand for L1 when w2 increases. Illustrate the scale also substitution effects

Reference no: EM1320361

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