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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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#questThe demand for and supply of labour in a certain industry are given by the equations Nd = 400 - 2w Ns = 240 + 2w Where Nd ( is the number of workers employers want to hire
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