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Returns to Scale in Carpet Industry
* The carpet industry has grown from the small industry to large industry with some large firms.
* Question
- Can the growth be illustrated by the presence of economies to scale?
* Are there economies of scale?
- Costs (or percent of cost)
* Large Manufacturers
- Increased in machinery and labor
- Doubling inputs has doubled output
- Economies of scale are there for large producers
* Small Manufacturers
- Small increases in scale have no impact on output
- Proportional increases in inputs proportionally increase output - Constant returns to scale for the small producers
In a small rural town, 150 people would like to be employed (this is the supply of labor). In order to make profits, capitalists hire some of these workers to produce grain. Those
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