A firm hires two workers and rents 15 acres of land for a season. It produces 150,000
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A firm hires two workers and rents 15 acres of land for a season. It produces 150,000 bushels of crop. If it had doubled its land and labor, production would have been 325,000 bushels. Does it have constant, decreasing, or increasing returns to scale?
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Increasing ret...View the full answer
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Related Book For 
Economics Principles and Policy
ISBN: 978-1305280595
13th edition
Authors: William Baumol, Alan Blinder
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