In a production process of a firm, when all inputs are increased by 10%, output increases more than 10%. Hence, the firm
Posted: Thu May 19, 2022 8:14 am
In a production process of a firm, when all inputs are increased by 10%, output increases more than 10%. Hence, the firm can expect:
Select one:
a.
costs to more than double as output doubles.
b.
No changes in costs
c.
costs to double as output doubles.
d.
costs to go up less than double as output doubles.
Select one:
a.
costs to more than double as output doubles.
b.
No changes in costs
c.
costs to double as output doubles.
d.
costs to go up less than double as output doubles.