The above figure shows the isoquants for the production of steel. In which regions of production are there increasing, decreasing, and constant returns to scale?
What will be an ideal response?
When output is less than 10,000 tons, there are increasing returns to scale. Between 10,000 and 20,000 tons, there are constant returns to scale. For output greater than 20,000 tons, there are decreasing returns to scale.
Economics
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If an industry has a Herfindahl index of 10,000, then
A. the industry is a single firm. B. it is perfectly competitive. C. it is considered a duopoly. D. it is considered an oligopoly.
Economics
In the long run, total fixed cost equals zero
Indicate whether the statement is true or false
Economics
Why might it be inefficient for the labor market not to have some form of unemployment compensation?
What will be an ideal response?
Economics
Total Fixed Cost (TFC)
What will be an ideal response?
Economics