Suppose that doubling of all inputs doubles output (this is called constant returns to scale). Suppose that
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Suppose that doubling of all inputs doubles output (this is called constant returns to scale). Suppose that population, capital, and human capital all double but that natural resources and technology stay the same. What will happen to output per person? What will happen to per capita income?
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If all inputs double except natural resources output will ...View the full answer
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