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Returns to Scale
Measuring relationship between scale (size) of a firm and output
1. Increasing returns to scale: output more than doubles when all the inputs are doubled
- Larger output associated with the lower cost (or autos)
- One firm is more efficient than many (or utilities)
- The isoquants get closer together
2. Constant returns to scale: output doubles when all the inputs are doubled.
• Isoquants become farther apart
what is indifference curve''s theory and application
elasticity of demand of a product in different market forms such as perfect competition, monoply etc.
income=100 price of x=5 price of x2=10 find consumer equilibrium with diagram
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Your company has a product that it is interested in marketing in a foreign country. Using one of the following Websites, click on a country of your choice to learn about Etiquette,
meaning of average revenue
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