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Increasing returns to scale and decreasing returns to scale:
Increasing returns to scale occur when increases in all inputs by a certain percentage cause a relatively higher percentage increase in output or total product. For instance when units of capital and labour are doubled (i.e. 100% increase in scale of production) if output more than doubles (say increase by 150%), then the firm is experiencing increasing returns to scale.On the other hand, decreasing returns to scale occur when the scale of production of a firm is increased by a certain percentage, output or total product increases by less than the given percentage. The total product indeed becomes larger but does so at a lower rate than the rate of growth of all the inputs used in production. for instance, if a 100% rise in scale results in a lower than 100% rise in total product then the firm is experiencing decreasing returns to scale.
Answer the following questions based on the graph that represents J.R.'s demand for ribs per week at Judy's Rib Shack. a. How high must the price of ribs be for Judy to supply
assignment
summary of general equilibrium
. Keep slope of supply constant and apply different slopes of demand curve and then show what happens if control price impose. Similarly, keep demand curve constant and apply diffe
Problem : (a) Describe the law of demand and the factors affecting demand. (b) llustrate and Explain how demand of a commodity will change if there is a tax on that product
prove the theorm with the help of diagram
The Demand Curve - The demand curve exhibits how much of a good consumers are ready to buy as the price per unit changes keeping non-price factors constant. - This price-qua
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Utility-Expenditure Duality: Consider the minimisation of the expenditures necessary to achieve a specified utility level. The solution for qi yields the compensated demand f
How to prepare an assignment of Monopoly in economics#Minimum 100 words accepted#
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