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Author Question: A firm whose production function displays increasing returns to scale will have a total cost curve ... (Read 110 times)

123654777

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on: Jul 1, 2018
A firm whose production function displays increasing returns to scale will have a total cost curve that is
 a. a straight line through the origin.
  b. a curve with a positive and continually decreasing slope.
  c. a curve with a positive and continually increasing slope.
  d. a curve with a negative and continually decreasing slope.

Question 2

The expansion path for a constant-returns-to-scale production function
 a. is a straight line through the origin with a slope greater than 1 if w > v.
  b. is a straight line through the origin with a slope greater than 1 if w < v.
  c. is a straight line through the origin, though its slope cannot be determined by w and v alone.
  d. has a positive slope but is not necessarily a straight line.


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sultana.d

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Reply #1 on: Jul 1, 2018
Answer to Question 1

b

Answer to Question 2

c


123654777

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Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)

blakcmamba

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Reply 3 on: Yesterday
Excellent

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