Thelaw of returns to scale
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The document discusses the three laws of returns to scale: 1. Increasing returns to scale occur when output increases more than proportionately to increases in inputs. This can be caused by technical and managerial indivisibilities or higher specialization. 2. Constant returns to scale occur when output increases proportionately to inputs, attributed to limits of economies of scale. 3. Decreasing returns to scale happen when output increases less than proportionately to inputs, caused by diseconomies of scale like diminishing management returns or exhausting resources.
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Law of returns to scale
Returns to scale relates to the behavior of total output as all inputs are varied and is a long run concept
Laws of returns to scale
1. Returns to scale refers to the change in total output resulting from a proportional change in all inputs.
2. There are three types of returns to scale: increasing, constant, and diminishing.
3. Increasing returns to scale occur when a 1% increase in all inputs leads to a more than 1% increase in output. Constant returns mean a proportional change in output, while diminishing returns mean output increases by less than the input increase.
Law of Returns
The document discusses the law of returns, which explains how production changes when varying inputs in the short and long run. In the short run, under the law of variable proportions, total output initially increases at an increasing rate as labor is added to fixed capital, then increases at a diminishing rate until maximum output is reached. In the long run, the law of returns to scale describes how output changes proportionally when all inputs change equally - there can be increasing, constant, or diminishing returns to scale.
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Trade cycle chapter 4, features of trade cycle, business cycle, expansion, Recession, Depression, Recovery, Revival
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Returns to scale
Isoquant is also called as equal product curve or production indifference curve or constant product curve. Isoquant indicates various combinations of two factors of production which give the same level of output per unit of time.
Just as an indifference curve represents various combinations of two goods which give a consumer equal amount of satisfaction, an iso-product curve shows all possible combinations of two inputs physically capable of producing a given level of output. Since an iso-product curve represents those combinations which will result in the production of an equal quantity of output, the producer would be indifferent between them.
This law was given by Alfred Marshall in his book principle of economics.
It show particular pattern of change in output when some factor remain fixed.
Production depend upon factors of production , if factors of production are good, production may increase and vice-versa.
Production function show functional relationship between production and factors of production.
It refers to manner of change in output cost by the increase in all the input simultaneously and in the same proportion.
Returns refers to “change in physical output”
Scale refers to “quantity of input employed”
Change in scale means that all factors of production are increased or decreased in same proportion.
The cost advantage that arises with increased output of a product.
It arises because of the inverse relationship between the quantity produced and per-unit fixed cost.
Profit refers to the excess of receipts from the sale of goods over the expenditure incurred on producing them.
The amount received from the sale of goods is known as ‘revenue’ and the expenditure on production of such goods is termed as ‘cost’. The difference between revenue and cost is known as ‘profit’.
For example, if a firm sells goods for Rs. 10 crores after incurring an expenditure of Rs. 7 crores, then profit will be Rs. 3 crores.
Isoquants ppt
Isoquants represent combinations of inputs that produce the same level of output. They have several key properties:
1. Isoquants slope downward, meaning more of one input requires less of the other to maintain output.
2. They are convex to the origin, due to decreasing marginal rates of technical substitution between inputs as one is increased relative to the other.
3. Isoquants never intersect, as that would represent one combination producing two output levels. Higher isoquants correspond to higher output levels.
Monopoly and Price Determination
This document discusses monopoly and price determination under monopoly. It defines monopoly as a market situation with a single seller and no close substitutes. A monopoly firm is a price maker that can influence the price of its product. The document examines how a monopoly firm determines price and equilibrium in the short and long run through total revenue and cost analysis and marginal revenue and marginal cost analysis. It maximizes profits by producing where marginal cost equals marginal revenue.
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Law of returns to scale
Returns to scale relates to the behavior of total output as all inputs are varied and is a long run concept
Laws of returns to scale
1. Returns to scale refers to the change in total output resulting from a proportional change in all inputs.
2. There are three types of returns to scale: increasing, constant, and diminishing.
3. Increasing returns to scale occur when a 1% increase in all inputs leads to a more than 1% increase in output. Constant returns mean a proportional change in output, while diminishing returns mean output increases by less than the input increase.
Law of Returns
The document discusses the law of returns, which explains how production changes when varying inputs in the short and long run. In the short run, under the law of variable proportions, total output initially increases at an increasing rate as labor is added to fixed capital, then increases at a diminishing rate until maximum output is reached. In the long run, the law of returns to scale describes how output changes proportionally when all inputs change equally - there can be increasing, constant, or diminishing returns to scale.
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Isoquant is also called as equal product curve or production indifference curve or constant product curve. Isoquant indicates various combinations of two factors of production which give the same level of output per unit of time.
Just as an indifference curve represents various combinations of two goods which give a consumer equal amount of satisfaction, an iso-product curve shows all possible combinations of two inputs physically capable of producing a given level of output. Since an iso-product curve represents those combinations which will result in the production of an equal quantity of output, the producer would be indifferent between them.
This law was given by Alfred Marshall in his book principle of economics.
It show particular pattern of change in output when some factor remain fixed.
Production depend upon factors of production , if factors of production are good, production may increase and vice-versa.
Production function show functional relationship between production and factors of production.
It refers to manner of change in output cost by the increase in all the input simultaneously and in the same proportion.
Returns refers to “change in physical output”
Scale refers to “quantity of input employed”
Change in scale means that all factors of production are increased or decreased in same proportion.
The cost advantage that arises with increased output of a product.
It arises because of the inverse relationship between the quantity produced and per-unit fixed cost.
Profit refers to the excess of receipts from the sale of goods over the expenditure incurred on producing them.
The amount received from the sale of goods is known as ‘revenue’ and the expenditure on production of such goods is termed as ‘cost’. The difference between revenue and cost is known as ‘profit’.
For example, if a firm sells goods for Rs. 10 crores after incurring an expenditure of Rs. 7 crores, then profit will be Rs. 3 crores.
Isoquants ppt
Isoquants represent combinations of inputs that produce the same level of output. They have several key properties:
1. Isoquants slope downward, meaning more of one input requires less of the other to maintain output.
2. They are convex to the origin, due to decreasing marginal rates of technical substitution between inputs as one is increased relative to the other.
3. Isoquants never intersect, as that would represent one combination producing two output levels. Higher isoquants correspond to higher output levels.
Monopoly and Price Determination
This document discusses monopoly and price determination under monopoly. It defines monopoly as a market situation with a single seller and no close substitutes. A monopoly firm is a price maker that can influence the price of its product. The document examines how a monopoly firm determines price and equilibrium in the short and long run through total revenue and cost analysis and marginal revenue and marginal cost analysis. It maximizes profits by producing where marginal cost equals marginal revenue.
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- Main features include homogeneous products, many buyers and sellers, perfect information and mobility of factors of production. Agricultural markets are often used as examples.
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- A monopoly market is characterized by a single seller of a unique product without close substitutes. Barriers to entry like government protections, large economies of scale, or exclusive ownership of resources allow monopolies to exist.
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For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Md. Sultan Mahmud
Md. Shaon Mollah
Md. Mamun Miah
Md. Abid Hasan
Shimul Kumar Mondal
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The trade cycle refers to the ups and downs in the level of economic activity which extends over a period of several years. If we examine the past statistical record of the business conditions, we will find that business has never run smoothly forever. There are many fluctuations in the period. Sometimes prosperity is followed by adversely. In Economics this tendency of the business activities, to fluctuate from prosperity to adversely is called business cycle.
Prof. Keynes says: " A trade cycle is composed of periods of bad trade characterized by falling prices and high unemployment percentages while a period of a good trade is characterized by rising prices and high employment, percentages."
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The document discusses the laws of returns to scale, which explain how output responds when inputs increase proportionately. There are three possibilities: increasing returns to scale when output grows more than proportionately; constant returns to scale when output grows proportionately; and decreasing returns to scale when output grows less than proportionately. Increasing returns can occur due to technical and managerial indivisibilities, specialization, and dimensional relations, while constant returns are due to economies of scale. Decreasing returns are caused by diseconomies of scale like diminishing management returns and exhausting natural resources.
Returns to scale
1. Returns to scale refers to how output changes when all factor inputs are increased or decreased by the same proportion. There are three possible phases: increasing returns, constant returns, and diminishing returns.
2. Increasing returns occur when output increases more than proportionately to the increase in inputs. Constant returns occur when output increases proportionately to inputs. Diminishing returns occur when output increases less than proportionately to inputs.
3. The three phases can be illustrated using production tables and diagrams showing the marginal product curve. Increasing returns are shown by an upward sloping curve initially, followed by a horizontal line for constant returns, and then a downward sloping line for diminishing returns.
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The document provides an overview of the business cycle including its phases, causes, and conclusion. It discusses the business cycle in terms of fluctuations in economic activity and gross domestic product. The phases include expansion/growth, peak, recession, and trough/depression. Causes include factors like consumption, business investment, government activity, inventions, and wars. In conclusion, the business cycle refers to regular fluctuations in economic indicators that occur in a predictable pattern in capitalist societies.
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For downloading this contact- bikashkumar.bk100@gmail.com
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Md. Sultan Mahmud
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The trade cycle refers to the ups and downs in the level of economic activity which extends over a period of several years. If we examine the past statistical record of the business conditions, we will find that business has never run smoothly forever. There are many fluctuations in the period. Sometimes prosperity is followed by adversely. In Economics this tendency of the business activities, to fluctuate from prosperity to adversely is called business cycle.
Prof. Keynes says: " A trade cycle is composed of periods of bad trade characterized by falling prices and high unemployment percentages while a period of a good trade is characterized by rising prices and high employment, percentages."
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Expansion path
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Producer equilibrium
Producer equilibrium is achieved where the isocost line is tangent to the isoquant curve. The isoquant curve shows the different combinations of inputs that produce the same output level, while the isocost line connects combinations that can be purchased with the available budget. Profit is maximized using two methods - where the slopes of the isoquant and isocost lines are equal, or where marginal revenue equals marginal cost at the output level where the total revenue curve's slope equals the total cost curve's slope.
The law of equi marginal utility
This document discusses Gossen's Second Law, also known as the Law of Equi-marginal Utility. The law states that consumers will allocate their limited income across different goods in a way that equalizes the marginal utility per rupee spent. Traditionally, this meant spending to the point where the last rupee spent on each good yields equal satisfaction. Modernly, it means allocating spending such that the marginal utility divided by price is equal for all goods. The law aims to explain how consumers can maximize total utility from a given expenditure.
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Law of returns to scale
The document discusses the laws of returns to scale, which explain how output responds when inputs increase proportionately. There are three possibilities: increasing returns to scale when output grows more than proportionately; constant returns to scale when output grows proportionately; and decreasing returns to scale when output grows less than proportionately. Increasing returns can occur due to technical and managerial indivisibilities, specialization, and dimensional relations, while constant returns are due to economies of scale. Decreasing returns are caused by diseconomies of scale like diminishing management returns and exhausting natural resources.
Returns to scale
1. Returns to scale refers to how output changes when all factor inputs are increased or decreased by the same proportion. There are three possible phases: increasing returns, constant returns, and diminishing returns.
2. Increasing returns occur when output increases more than proportionately to the increase in inputs. Constant returns occur when output increases proportionately to inputs. Diminishing returns occur when output increases less than proportionately to inputs.
3. The three phases can be illustrated using production tables and diagrams showing the marginal product curve. Increasing returns are shown by an upward sloping curve initially, followed by a horizontal line for constant returns, and then a downward sloping line for diminishing returns.
Returns to scale and its implications
Returns to scale refers to changes in output from proportional changes in all inputs. There are three types of returns to scale:
1) Increasing returns to scale occurs when a proportional increase in inputs leads to a more than proportional increase in output.
2) Constant returns to scale occurs when a proportional increase in inputs leads to an equal proportional increase in output.
3) Decreasing returns to scale occurs when a proportional increase in inputs leads to a less than proportional increase in output.
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This document discusses production functions, isoquants, marginal rate of technical substitution (MRTS), and returns to scale. It defines a production function as relating the quantity of output to amounts of inputs like capital, labor, and materials. Isoquants represent combinations of two inputs that produce the same output level. MRTS measures the change in one input as another changes while holding output constant. Returns to scale refer to how output changes when all inputs change proportionally, with constant, decreasing, and increasing types defined based on whether output doubles, less than doubles, or more than doubles respectively with a doubling of all inputs.
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This document summarizes the law of variable proportions from a production economics perspective. It discusses key concepts like production functions, total product, average product, and marginal product. The law states that there are three stages of production: 1) increasing returns as marginal product initially rises with each addition of a variable input, 2) diminishing returns as marginal product starts declining, and 3) negative returns when marginal product becomes negative. The law assumes one variable input is changed while all others stay fixed, and helps explain the relationship between inputs and outputs in physical production terms.
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Economies of scale refers to decreased per-unit costs as production increases. As a firm produces more, average costs fall due to efficiencies from mass production and distribution of initial capital costs. However, very large firms can experience diseconomies of scale from issues like poor communication and inefficient divisions of labor. While large firms benefit from economies of scale in industries with high capital costs, small businesses can still compete by focusing on niche markets or those requiring little capital. Moderation is often the best approach with economies of scale.
Economies Of Scale
Economies of scale refer to cost advantages that businesses obtain from increased scale of production. When a business expands, it can spread fixed costs over more units, lowering average costs. Diseconomies of scale occur when a business grows too large and average costs begin increasing due to issues like difficulty controlling operations and communication problems. Internal economies come from a single business growing, while external economies arise from industry-wide growth, such as improved infrastructure or specialized suppliers. Common sources of internal economies include bulk purchasing discounts, marketing efficiencies, and specialized management.
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The document discusses production functions and their key components. It defines a production function as explaining the quantitative relationship between inputs and outputs in production. There are four main components: inputs, outputs, short-run production functions where one input is variable, and long-run production functions where all inputs are variable. The document also discusses concepts like total product, marginal product, average product, the law of diminishing returns, and returns to scale.
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Supply refers to the quantity of a product offered for sale. The law of supply states that more of a product will be offered at a higher price and less at a lower price. Supply curves show the relationship between price and quantity supplied, and can be individual or market curves representing one firm or multiple firms. Factors that affect supply include costs of inputs, productivity, technology, taxes, expectations, government regulations, and number of sellers. When these factors change, the supply curve shifts representing a change in quantity supplied at each price level.
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This document discusses the theory of the firm from an economics perspective. It begins by defining a business firm as an economic unit that combines resources to produce goods or services for the purpose of making a profit. It then poses questions about how firms make production and pricing decisions.
The document goes on to explain the concepts of production, costs, and profit. It defines inputs, outputs, and the relationship between them via the production function. It also discusses the different types of costs firms face from inputs. Finally, it introduces key concepts from production theory, including the production possibility frontier, laws of variable proportions and returns to scale, marginal analysis, and isoquants.
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The document discusses several concepts related to production analysis including:
1. It defines total production, marginal product, and average product, and explains the law of variable proportions.
2. It describes the three stages in the law of variable proportions and the causes of increasing returns.
3. It explains the law of returns to scale and how output responds to changes in inputs at constant, increasing, and diminishing returns to scale.
4. It discusses economies of scale and the internal and external economies that firms can achieve through expansion.
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The document discusses key concepts related to production theory and cost analysis. It defines production as transforming inputs into outputs. Inputs can be fixed or variable, and production functions are classified as short-run or long-run depending on whether inputs are fixed or variable. The law of diminishing returns and returns to scale are explained. Cost concepts like total, average, fixed and variable costs are introduced. Break-even analysis is defined as a technique to understand the relationship between sales, costs and profits. Key assumptions and applications of break-even analysis are also outlined.
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This document discusses the short run production function and the law of variable proportions. It defines the short run as a period where at least one input is fixed. The production function shows the relationship between inputs like labor, capital, land, and outputs. In the short run, outputs increase at an increasing rate initially as variable inputs like labor are added, reaching a point of maximum output, after which outputs increase at a diminishing rate and can become negative. This follows the law of variable proportions, where marginal product initially increases with more variable input, then decreases and can become negative. The document provides an example of increasing wheat output with more labor on a fixed amount of land, and a graph illustrating the three stages of the law of
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The document provides an overview of production theory, factors of production, costs, and key economic principles.
It defines production as the creation of goods and services, and outlines the inputs (land, labor, capital, entrepreneurship) and outputs. Production functions relate inputs to outputs.
The factors of production - land, labor, capital, and entrepreneurship - are defined. The laws of variable proportions and returns to scale describe the relationship between inputs and outputs in the short and long-run.
Costs are classified as fixed, variable, total, average, and marginal based on their behavior. Short and long-run costs are also distinguished. Break-even analysis relates costs and revenues.
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The document discusses the law of returns, which governs production. There are two types of laws of returns: 1) The law of variable proportions, also known as the law of diminishing returns, states that as increments of a variable input are added to fixed inputs, marginal product will eventually diminish. 2) The law of returns to scale analyzes production in the long run. The law of variable proportions includes three stages: increasing returns initially as organization improves, then diminishing returns as marginal product declines, and finally negative returns. The law is illustrated with a graph analysis of stages of production.
Theoryofproduction
Production involves transforming inputs like labor, machines, and raw materials into outputs. There are two types of inputs: fixed inputs whose supply is inelastic in the short run, and variable inputs whose supply is elastic. A firm's production function describes its output as a function of inputs and can be expressed as short run or long run. The law of diminishing returns states that as one variable input is increased while others stay fixed, marginal product initially increases but eventually decreases. Returns to scale refers to output changes from proportional input changes, and can exhibit increasing, constant, or diminishing returns based on the relationship between input and output changes.
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This document discusses the theory of production and the law of variable proportions. It provides definitions and explanations of key concepts:
1) The theory of production examines how producers combine inputs to produce output given technological constraints. It focuses on production functions and laws of production.
2) The law of variable proportions states that as one variable input is increased while others stay fixed, marginal product will initially rise but eventually decline, leading to three stages: increasing, diminishing, and negative returns.
3) Economies of scale refer to cost advantages from increased scale of production, including internal economies from specialization and external economies from infrastructure. Diseconomies arise as firms grow beyond optimal size due to coordination problems.
Return to scale
This document discusses production functions and returns to scale. It defines production functions and different types including short run and long run production functions. It then explains key features like substitutability, complementarity and specificity of factors. Next it covers returns to scale, defining it as the change in output when all inputs change proportionately. It details increasing, constant and decreasing returns to scale, providing examples. Causes of each type of return are also outlined.
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Unit - IV discusses production functions and the laws of production. It explains that a production function shows the relationship between inputs like labor, capital, land and the output produced. The laws of variable proportions and returns to scale are then covered. The law of variable proportions explains how output changes when one input is varied while others stay fixed. Returns to scale looks at what happens to output when all inputs change proportionately. Economies and diseconomies of scale are also discussed.
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For undergraduate agricultural students of the course ‘Ag. Econ. 6.4 Farm Management, Production, and Resource Economics (2+1)’ of Junagadh Agricultural University, Gujarat and other State Agricultural Universities in India.
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1. Alfred Marshall distinguished between internal and external economies of scale. Internal economies occur within a firm as it increases production and reduces costs. External economies occur outside a firm, within an industry, such as when a transportation network improves and reduces costs for all firms.
2. The production function specifies the maximum output possible from different combinations of inputs, based on current technology. It represents the technological relationship but not economic choices.
3. In the long run, firms can enter or exit industries, increase or decrease plant size, and adopt new technologies. In the short run, firms can increase, decrease, or shut down production using variable inputs, with fixed inputs constrained.
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Economics production analysis
The document discusses key concepts related to production analysis including inputs, outputs, the production function, factors of production, and the concepts of total product, average product, and marginal product. It explains that production transforms inputs into outputs through processes of changing form, place, or time. The production function deals with the maximum output achievable given limited inputs. Total product is the total output, average product is output per input, and marginal product is the change in output from an additional input.
Economics production analysis
Production involves transforming inputs into outputs. There are three types of transformation: change in form, place, or time. A production function relates the maximum output to a given quantity of inputs. There are three stages of production based on diminishing returns. In the short run, one factor is fixed while in the long run all factors are variable, leading to different types of returns to scale. Isoquants represent combinations of inputs that produce the same output level, with their properties determining the optimal input mix.
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ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...
Thelaw of returns to scale
- 2. The Laws Of Returns To Scale The laws of returns to scale explain the behavior of output in response to a proportional and simultaneous change in inputs. Increasing inputs proportionately and simultaneously is, in fact, an expansion of the scale of production.
- 3. When a firm increases both the inputs proportionately, there are three possibilities 1. Total output may increase more than proportionately 2. Total output may increase proportionately 3. Total output may increase less than proportionately Accordingly, there are three kinds of return to scale 1. Increasing returns to scale 2. Constant returns To Scale 3. Decreasing returns to scale
- 4. Increasing Returns to Scale The law of increasing returns to scale implies that output increases more than proportionately to the increase in input and the rate of increase in output goes on increasing with each subsequent increase in input.
- 5. Increasing Returns to Scale
- 6. The Causes of Increasing Returns To Scale 1. Technical and managerial indivisibilities 2. Higher degree of specialization 3. Dimensional relations
- 7. Constant returns to scale When the change in output is proportional to the change in inputs, it exhibits constant returns to scale.
- 8. Constant returns to scale The constant returns to scale are attributed to the limits of the economies of scale. With expansion in the scale of production, economies arise from such factors as indivisibility of fixed factors, greater possibility of specialization of capital and labor, use of labor saving techniques of production, etc.
- 9. Constant returns to scale
- 10. Decreasing returns to scale The firms are faced with decreasing returns to scale when a certain proportionate change in inputs, k & l, lead to less than proportionate change in output.
- 11. Decreasing returns to scale
- 12. Causes of Diminishing return to scale The decreasing returns to scale are attributed to the diseconomies of scale. The most important factor causing this is ‘the diminishing return to management’. Another factor is the exhaustibility of natural resources.