Question

10. Name the returns to scale when the output increases by more the 5% for 5% increase in the inputs (3.5 Law of Returns to Scale) a)Increasing returns to scale b)Decreasing returns to scale c)Constant returns to scale d)All of the above​

Answer 1

Answer:

In economics, returns to scale describe what happens to long run returns as the scale of production increases, when all input levels including physical capital usage are variable (able to be set by the firm). The concept of returns to scale arises in the context of a firm's production function.

Explanation:

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