What are the differences between diminishing marginal utility and decreasing returns to scale? What is a simple definition for marginal value? What is the meaning of diminishing, constant, and increasing marginal utility of money? When consumption increases, why does marginal utility decrease?
constant returns to scale, decreasing returns to scale, and increasing returns to scale.Answer and Explanation: The differences between diminishing marginal utility and decreasing returns to scale are as follows: 1. The diminishing marginal utility is used in...Become a...
What are some comparisons and contrasts of linkages between returns to scale and profit maximization on the other hand and cost minimization on the other hand? How does the concept of opportunity cost apply to production possibilities curve (PPC) analysis?
In a Keynesian cross diagram, an increase in government spending G will shift the planned expenditure line down and decrease the equilibrium level of output. True False Explain. Increasing returns to scale occur when a firm's average costs of production i...