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What are the possibilities of returns to scale in production technology?
Three possibilities are there as: technology exhibits (a) constant returns to scale; (b) decreasing returns to scale, and (c) increasing returns to scale. Properly, we have (global) returns to scale. There production function f (x) is demonstrates as:
a. constant returns to scale when f (tx) = tf (x) for all t > 0;
b. decreasing returns to scale when f (tx) < tf (x) for all t > 1;
c. increasing returns to scale when f (tx) > tf (x) for all t > 1;
The Short Run versus long Run - Short-run: Period of time in which the quantities of one or more production factors cannot be changed. These inputs are called as fi
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Rationale in era of globalisation: In the present era of globalisation where countries have unprecedented access to international capital flows and where those who have borrow
how does the concept of possibility production curve aplicable in real life?
Which drug is likely to be the most profitable for its producer (in terms of average “per-drug” profit)?
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Profits University creates student credit hours (y) with two inputs: Professors' hours of work (x1) and TAs' hours of work (x2) according to the manufacture function: f(x1,x2)= 10x
why is international trade important for south africa
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PanCakes Creations is considering franchising its single brand of pancakes to stall-holders on the Zandvoort beach, which is 5 kilometers long. PanCakes Creations estimates that on
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