Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Does it make sense to consider the returns to scale of a production function in the short run? Select one: a. No, returns to scale
Does it make sense to consider the returns to scale of a production function in the short run? Select one:
a. No, returns to scale is a property of the consumer's utility function.
b. No, we cannot change all of the production inputs in the short run.
c. Yes, returns to scale determine the diminishing marginal returns of the inputs.
d. Yes, this is an important short-run characteristic of production functions.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started