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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
- Larger output associated with the lower cost (or autos)
- One firm is more efficient than many (or utilities)
- The isoquants get closer together
2. Constant returns to scale: output doubles when all the inputs are doubled.
• Isoquants become farther apart
Consumer Surplus -Difference between maximum amounts a consumer is wishing to pay for a good and amount actually paid. The stepladder demand curve is converted into a
Five uses of elasticity on the Public Sector and five uses of elasticity on the Private Sector.
explain monotanic
The goal is to replicate a real life product development and familiarize students with the invent process of a system, component, or process to meet desired wants within realistic
Ask quesThe market demand for brand X has been estimated as Qx = 1,500 - 3Px - 0.05I - 2.5Py + 7.5Pz where Px is the price of brand X, I is per-capita income, Py is the price of
defin giffen goods?
Define Amagat law of partial volume, Amagat law of partial volume The total volume of a mixture of non reacting gases at constant temperature & pressure is equal to sum of indiv
Inductive effect
explain about rent theory
How to calculate: fixed cost is $1,000,000 tvc $4,400,000, avc is $22, atc $27, worker productivity is 4. How do I calculate the profit or loss?
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