Essay
Suppose prices and technologies are held constant.State whether each of the following scenarios shows increasing returns to scale,constant returns to scale or decreasing returns to scale.
a)Percentage change input is greater than the percentage change in output.
b)Percentage change input is equal to the percentage change in output.
c)Percentage change input is less than the percentage change in output.
Correct Answer:
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a)Decreasing returns...View Answer
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