Isoquants are convex because... a. Both factors are subject to increasing returns. b. Both factors are subject to the law of diminishing returns. c. The marginal productivity of all factors is positive. d. The variable factor is subject to the law of diminishing returns. e. The marginal productivity of all factors is negative.

Q: a. Is it possible to have diminishing returns to a single factor of production and constant returns…

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Q: a. Is it possible to have diminishing returns to a single factor of production and constant returns…

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Q: Refer to Figure 7.5. Which diagram represents isoquants for a Cobb-Douglas production function?…

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Q: 1- The following table gives total output or total product as a function of labor units used. Labor…

A:

Q: Which among these production functions exhibit increasing returns to scale? (Clue: you should scale…

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Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.