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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.
solution for calculate price elasticity of demand for demand function Q= 10 - 2p for decrease in price from Rs. 3 to Rs.2..
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Would a risk loving person prefer an increase in the chance of winning the lottery by 20% or an increase in the jackpot of 20%
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explain the marginal produtivity theory
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PLEASE GIVE ANY ONE TOPIC OF ECONOMIC WITH ANSWERS
explain the central problem of economy with production possibility curve?
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