Why is constant return an ideal situation?
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LAW OF RETURN
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LAW OF CONSTANT RETURNS
There can be a situation whee neither the law of diminishing returns nor the law of increasing returns operates. but there is instead constant return..An industry is subject to the law of constant returns when. whatever the output or scale of production. the cost per unit remains unaltered, or increased investment of labour and capital results in a proportionate increase in the output. Marshall pointed out that the part played by nature corresponded to diminishing returns and the part played by man to increasing returns. That is why inagriculture. where nature is said to be supreme. there is diminishing return
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LAW OF CONSTANT RETURNS Economics Assignment Help
LAW OF RETURN
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LAW OF CONSTANT RETURNS
There can be a situation whee neither the law of diminishing returns nor the law of increasing returns operates. but there is instead constant return..An industry is subject to the law of constant returns when. whatever the output or scale of production. the cost per unit remains unaltered, or increased investment of labour and capital results in a proportionate increase in the output. Marshall pointed out that the part played by nature corresponded to diminishing returns and the part played by man to increasing returns. That is why inagriculture. where nature is said to be supreme. there is diminishing return
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Explanation:
Instead, we shall have constant returns. In every industry, we find the influence of both man and nature. Nature controls the raw materials, while man directs the manufacturing side. ... Whenever the scale of production is increased, the cost of raw materials and other factors may go up on account of increased demand
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