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Author Question: Future benefits for Social Security will ultimately be determined by _____. a. population growth ... (Read 36 times)

EY67

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on: Jul 1, 2018
Future benefits for Social Security will ultimately be determined by _____.
 
  a. population growth
  b. individual decisions on when to retire
  c. the existence of private accounts
   d. voters through the political process

Question 2

Explain how a firm can have constant returns to scale in production and economies of scale in cost.
 
  What will be an ideal response?


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Ptupou85

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

d

Answer to Question 2

A firm can have constant returns to scale in production at every output level. If the firm doubled all inputs the output would double. However, the firm may have a decreasing average cost. As more inputs are used and output increases, the average cost declines, which is known as economies of scale.


EY67

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Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

patma1981

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Reply 3 on: Yesterday
:D TYSM

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