Explain the difference between increasing, constant and decreasing returns to scale.

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Economics

ISBN: 9781473768543

5th Edition

Authors: Gregory Mankiw, Mark P. Taylor

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Question Posted: Apr 19, 2024 11:00 PM

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Explain the difference between increasing, constant and decreasing returns to scale.

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Returns to scale refer to the change in output resulting from a proportional change in all inputs used in production The concept helps analyze how cha...View the full answer

Economics

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