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15 February, 06:22

A production function for which proportional changes in all inputs leads to a more-than-proportional change in output is said to exhibit

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  1. 15 February, 08:11
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    In this case, the function will show increasing returns to scale. The firm, experiencing such, will have lowered production costs because of these returns. They will be able to create a magnitude more product than the increase in inputs would have nominally precipitated.
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