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Define the returns to scale in production technology.
Returns to scale in production technology:
Assume that we are using some vector of inputs x to generate some output y and we choose to scale all inputs up or down through some amount t = 0. What will occur to the level of output? The concepts of returns to scale can be used to answer this problem. Returns to scale consider to how output responds while all inputs are varied in similar proportion so that they consider long run production processes.
illustrate and explain the changing demand for big mac using the indifference curve and budget line
why does the quantity of education change in the private universities much more responsive than salt as to changes in price?
hi i need price,cross and income elasticity of toyota corolla car. its only small part of the assignment topic so its need around 500 words. thanks ishwor
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discus how opportunity cost influence supplier''s decision to supply labour
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Indifference curve definition
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