Economics · Production and Costs
Suppose a manufacturing firm increases all its inputs by 30% simultaneously, and as a result, its total output increases by only 20%. The firm's production function exhibits:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Increasing returns to scale
- 2Diminishing returns to scale✓
- 3Constant returns to scale
- 4Diminishing marginal rate of technical substitution
Correct answer
Diminishing returns to scale
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