« previous next »

Author Question: The above figure shows the isoquants for the production of steel. In which regions of production are ... (Read 191 times)

laurencescou

  • Hero Member
  • *****
  • Posts: 593
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
Buy Test-Bank


kswal303

  • Sr. Member
  • ****
  • Posts: 316
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


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

As many as 20% of Americans have been infected by the fungus known as Histoplasmosis. While most people are asymptomatic or only have slight symptoms, infection can progress to a rapid and potentially fatal superinfection.

Did you know?

Cutaneous mucormycosis is a rare fungal infection that has been fatal in at least 29% of cases, and in as many as 83% of cases, depending on the patient's health prior to infection. It has occurred often after natural disasters such as tornados, and early treatment is essential.

Did you know?

To prove that stomach ulcers were caused by bacteria and not by stress, a researcher consumed an entire laboratory beaker full of bacterial culture. After this, he did indeed develop stomach ulcers, and won the Nobel Prize for his discovery.

Did you know?

Although the Roman numeral for the number 4 has always been taught to have been "IV," according to historians, the ancient Romans probably used "IIII" most of the time. This is partially backed up by the fact that early grandfather clocks displayed IIII for the number 4 instead of IV. Early clockmakers apparently thought that the IIII balanced out the VIII (used for the number 8) on the clock face and that it just looked better.

Did you know?

Warfarin was developed as a consequence of the study of a strange bleeding disorder that suddenly occurred in cattle on the northern prairies of the United States in the early 1900s.

Taken by Hinode's Solar Optical Telescope on January 12, 2007, this image of the Sun reveals th Taken by Hinode's Solar Optical Telescope on January 12, 2007, this image of the Sun reveals th
Regions of the Human Visual Cortex and Their Functions Regions of the Human Visual Cortex and Their Functions
Block Diagram of Single-stage Pressure System for Dual-Stage Pressure Production of Nitric Acid Block Diagram of Single-stage Pressure System for Dual-Stage Pressure Production of Nitric Acid
The figure shows an LR circuit with a switch and a 240-volt battery. At the instant the switch ... The figure shows an LR circuit with a switch and a 240-volt battery. At the instant the switch ...
A comparison of a trait (height) that shows discontinuous and continuous phenotypes in different pla A comparison of a trait (height) that shows discontinuous and continuous phenotypes in different pla
Identify the junction nodes in the circuit shown in Figure 21-1. Identify the junction nodes in the circuit shown in Figure 21-1.
Video: Coronary Heart Disease Animation

For a complete list of videos, visit our video library