Question

2. With the help of the concept of production function. Briefly explain the Law of Variable
Proportions and Law of Returns to Scale. Elaborate your answer by citing real world
examples.
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Answer 1

Answer:

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Explanation:

The returns to scale are constant when output increases in the same proportion as the increase in the quantities of inputs. ... They are decreasing if the increase in output is less than proportional to the increase in inputs. Let us illustrate the case of constant returns to scale with the help of our production function.

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Answer 2

Answer:

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