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What is Law of Returns to Scale Explained about?

This document discusses the law of returns to scale, which examines how output changes when all inputs change by the same ratio. There are three possible outcomes: 1) Increasing returns to scale occurs when output increases more than proportionately to the input increase. This leads to higher marginal product. 2) Constant returns to scale occurs when output increases proportionately to the input increase. This happens when inputs reach an optimal combination. 3) Diminishing returns to scale occurs when

Author

sini

Language

EN