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Economics Homework Six Answers - Student Eight (view source)

Revision as of 00:23, October 26, 2009

130 bytes added ,  00:23, October 26, 2009
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'''2.''' Diminishing returns to scale.
 
'''2.''' Diminishing returns to scale.
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:Correct.
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:Correct, but say DECREASING returns to scale. It's not "diminishing", as in the very different concept of "diminishing marginal utility."
    
'''3.''' A family's short run cost for a broken [[computer]] is a computer repairman. A long term cost is a whole new computer.  
 
'''3.''' A family's short run cost for a broken [[computer]] is a computer repairman. A long term cost is a whole new computer.  
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