The production function q = 22K.0.6 L\ deg. 5 exhibits. A. decreasing returns to scale. • B. increasing returns to scale. . C. unknown returns to scale because the exponents are not equal. O D. constant retums to scale

Q: According to the midpoint method, the price elasticity of demand between points A and B on the…

A: Elasticity is a measure of how sensitive the quantity demanded or supplied of a good or service is…

Q: 6. Individual and market supply Suppose that Van and Amy are the only suppliers of pizza slices in a…

A: Supply curve shows the direct relationship between price and quantity supplied, ceteris paribus. The…

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A: There are two players in the game :  Player 1 & 2 Strategy Set of player 1 :  { A ,  B }…

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A: Consumer surplus is the benefit that the customer receives from purchasing the commodity at a price…

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A: Monopoly market refers to the market structure that can be identified by one seller, who sells a…

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A: It can be defined as a level of output that can benefit the whole of society not only any particular…

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A: External costs or negative externalities are the harmful side effects arise out of production or…

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Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.