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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.
what are he uses of a balance of payement
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Which of the following is a free good? Fresh water, forests in the northwestern United States, the advice of economists, or none of the above?
the prevention of major swings in economic activity cn be handled most easily by the financial or government sector?
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What are economies of scale and diseconomies of scale? In economics, returns to scale and economies of scale are terms that are related and sometimes incorrectly used intercha
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