Question

Explain briefly the law of returns to scale ♡​

Answer 1

Answer:

The law of returns to scale explains the proportional change in output with respect to proportional change in inputs. In other words, the law of returns to scale states when there are a proportionate change in the amounts of inputs, the behavior of output also changes.

Answer 2

Answer:

◇The law of returns to scale explains the proportional change in output with respect to proportional change in inputs. In other words, the law of returns to scale states when there are a proportionate change in the amounts of inputs, the behavior of output also changes.

(1) the law of increasing returns

(2) the law of constant returns and

(3) the law of decreasing return

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