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Before explaining returns to scale it will be instructive to make clear the distinction between change in the scale and changes in factor proportions. The difference between the ch
the general characterictics of economic models,its limitations and verification
suppose you have a coffee shop. list of fixed input and variable input for operating the shop. ques-2 describe the condition under in which labour treated as variable cost and whic
what is iso-product curve
#question.ccccc
Returns to Scale Measuring relationship between scale (size) of a firm and output 1. Increasing returns to scale: output more than doubles when all the inputs are doubled
suppose ismail were to eat five pizzas per week.what is the total value ismail would place on his five weekly pizzas?
what is bains theory ? describe with the diagram
what is equilibrium
What is Expenditure Function? The Expenditure Function: When preferences satisfy the local nonsatiation assumption, in that case v(p, m) will be strictly increasing into m.
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