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Returns to Scale in Carpet Industry
* The carpet industry has grown from the small industry to large industry with some large firms.
* Question
- Can the growth be illustrated by the presence of economies to scale?
* Are there economies of scale?
- Costs (or percent of cost)
* Large Manufacturers
- Increased in machinery and labor
- Doubling inputs has doubled output
- Economies of scale are there for large producers
* Small Manufacturers
- Small increases in scale have no impact on output
- Proportional increases in inputs proportionally increase output - Constant returns to scale for the small producers
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can you help me answer an economics question
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u=2x^2+3y^2 hence income=310 birr and price=3 birr calculate quntity of x and y the optimize&minmize utilityfor the given income
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