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Define the returns to scale in production technology.
Returns to scale in production technology:
Assume that we are using some vector of inputs x to generate some output y and we choose to scale all inputs up or down through some amount t = 0. What will occur to the level of output? The concepts of returns to scale can be used to answer this problem. Returns to scale consider to how output responds while all inputs are varied in similar proportion so that they consider long run production processes.
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A Competitive Short Run Supply Curve of Firm * Observations: - P = MR - MR = MC - P = MC * Supply is amount of output for every possible price. Thus: - If
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what is demand
Concepts of Income and Substitution Effects: Change in demand for a good due to one unit change in price of that good for given prices and money income is known as own price
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