we have assumed tha the production function simultaneously has constant returns to scale and diminishing marginal products. What do each of these terms mean? Is it a contradiction for a production function to feature constant returns to scale and diminishing marginal products? Why or why not?

Essentials of Economics (MindTap Course List)
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Chapter12: The Cost Of Production
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1. We have assumed that the production function simultaneously has constant
returns to scale and diminishing marginal products. What do each of these terms
mean? Is it a contradiction for a production function to feature constant returns to
scale and diminishing marginal products? Why or why not?
Transcribed Image Text:1. We have assumed that the production function simultaneously has constant returns to scale and diminishing marginal products. What do each of these terms mean? Is it a contradiction for a production function to feature constant returns to scale and diminishing marginal products? Why or why not?
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