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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.
total revenue
ways of imroving productivite
What are the factors that producers in the society may take into consideration when deciding on the what to produce,how to produce and for whom ?
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