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Author Question: The above figure shows the isoquants for the production of steel. In which regions of production are ... (Read 200 times)

laurencescou

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on: Jul 1, 2018
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?

Question 2

The Cournot Model of Oligopoly assumes that
 
  A) firms decide what quantity to produce.
  B) firms make their decisions simultaneously.
  C) firms do not cooperate.
  D) All of the above.
Microeconomics ¦ Perloff ¦ 8th Edition
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kswal303

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

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.

Answer to Question 2

D


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