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Increasing returns to scale and decreasing returns to scale:
Increasing returns to scale occur when increases in all inputs by a certain percentage cause a relatively higher percentage increase in output or total product. For instance when units of capital and labour are doubled (i.e. 100% increase in scale of production) if output more than doubles (say increase by 150%), then the firm is experiencing increasing returns to scale.On the other hand, decreasing returns to scale occur when the scale of production of a firm is increased by a certain percentage, output or total product increases by less than the given percentage. The total product indeed becomes larger but does so at a lower rate than the rate of growth of all the inputs used in production. for instance, if a 100% rise in scale results in a lower than 100% rise in total product then the firm is experiencing decreasing returns to scale.
We discussed why economists prefer to use available statistics and econometric techniques over other means of measuring consumer demand. Write a short essay describing a situation
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CleanAuto Inc. has four workers: Julie, Ian, Devon, and Thomas. CleanAuto Inc. provides two services: interior vacuuming and exterior wash. Julie can perform each of these tasks in
an emission fee levied against polluting firms will tend to shift the supply/demand curve of the firm/product to the left/right?
explain how macro and micro issues may be represented using production possibility curve
Why is it unusual for yields on longer term notes to be lower than yields on shorter term notes? 2pts b) Why would any investor buy the 2 year note (instead of the 1 year) given it
Given the following table MUx MUx/Px Qty MUy MUy/Py 80 40 1 68 17 52 26 2 32 8 20 10 3 28 7 16 8 4 24 6 8 4 5 20 5
What are the chemical properties of silicon?
implications of varios market structure for price determination
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