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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.
The End of the Malthusian Age We clearly no longer live in a Malthusian age. For at least 200 years improvements in the efficiency of labor made possible by new technologies a
Which element of the periodic table has the most characteristics and is used in everyday life?
what are the variables to be included in the social welfare of a country?
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is it just assumed that a monopoly graph is showing economic profit instead of accounting profit
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Explain what economies of scale are and why they have become increasingly common in later years. Economies of scale - Enhance in fixed factors, but output enhances at a propo
International development association: Part of the challenge entails reorienting surveillance, the process through which the BW institutions policy advice is delivered, to mak
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Why is human capital so important in the development process? Explain human capital in terms of (the sum of) education/training/experience/ literacy etc, and clearly show how t
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