Question

15. What do you mean by return to scale?​

Answer 1

Answer:

Returns to scale refers to the rate by which output changes if all inputs are changed by the same factor. Under increasing returns to scale, the change in output is more than k-fold, under decreasing returns to scale; it is less than k- fold.

Answer 2

Answer:

Returns to scale refers to the rate by which output changes if all inputs are changed by the same factor. ... Under increasing returns to scale, the change in output is more than k-fold, under decreasing returns to scale; it is less than k- fold.

Explanation:

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