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Explain how diminishing returns differ from diminishing returns to scale.
The answer should clearly distinguish among SR (one or more factors are fixed) and LR (where all factors are variable).
Diminishing returns (marginal returns) arise in the SR and diminishing returns to scale in the LR caused by for instance efficiency lags in ever-larger firms.
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What are the properties of indirect utility function? Properties of the indirect utility function: While u(x) is continuous and monotonic onto R L + and (p, m) > 0, the in
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