71. Diminishing returns can be caused by: the physical limitations of variable inputs the physical limitations of fixed input the physical limitations of both variable and fixed inputs all of the above 72. The resulting increase in the total output as X and Y inputs increase per unit at a time is called: production function increasing returns to scale constant returns to scale returns to scale

71. Diminishing returns can be caused by: the physical limitations of variable inputs the physical limitations of fixed input the physical limitations of both variable and fixed inputs all of the above 72. The resulting increase in the total output as X and Y inputs increase per unit at a time is called: production function increasing returns to scale constant returns to scale returns to scale

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section12.4: Costs In The Short Run And In The Long Run

Problem 4QQ

See similar textbooks

Similar questions

What is the difference between a fixed input and a variable input?
Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?
What is a production function?
A firm had sales revenue of 1 million last year. It spent 600,000 on labor, 150,000 on capital and 200,000 on materials. What was the firms accounting profit?
In choosing a production technology, how will firms react if one input becomes relatively more expensive?
What shape of a long-run average cost curve illustrates economies of scale, constant returns to scale, and diseconomies of scale?
Would you consider an interest payment on a loan to a film an explicit or implicit cost?