A situation in which all inputs are doubled and output also doubles is known as

Assessment: JAMB UTME - Economics - 2022 Subject: Economics

Question 1 Report

A situation in which all inputs are doubled and output also doubles is known as
Answer Details
The situation in which all inputs are doubled and the output also doubles is known as "constant returns to scale." This means that if a firm increases all of its inputs by a certain proportion, the output will also increase by the same proportion. In other words, the production function exhibits constant returns to scale if increasing all inputs by a constant factor results in an output increase by the same constant factor.
Read lesson note on The Theory Of Production (JAMB)
View Answer

Related Questions

1

The advantage which firms obtain directly from expanding their operations are referred to as
2

If a demand curve that intersects a perfectly inelastic supply shifts rightward, then
3

The effect of changes in the condition of demand on a demand schedule with the price constant is a
4

Developments outside a given firm that reduce the firm’s costs are called
5

Which of the following situations can give rise to economic problems
6

Economic goods are termed scarce when they are?
7

If at 10K per kg, 1000kg of yam were purchased, the resultant point elasticity of demand is
8

In the long run, all production factors are

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning