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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.
Economics; Different Perspective ? Economics is the knowledge of the choices taken by people who are faced with scarcity. ? Scarcity is a condition
TC = 1q^3 - 40q^2 + 840q + 1800 Price= $750
types of elasticity of demand
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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 p
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