Use the Table Below to Answer the Following Questions

question 16

Multiple Choice

Use the table below to answer the following questions.
Table 10.4.1
Swanky's output levels
-Refer to Table 10.4.1,which represents Swanky's production possibilities as the firm varies the quantities of knitting machines and workers per day.If Swanky increases the number of knitting machines from 1 to 2 and increases the number of workers employed from 1 to 2,the factory experiences

• A)economies of scale.
• B)constant returns to scale.
• C)diseconomies of scale.
• D)constant marginal product.
• E)minimum efficient scale.

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Definitions:

Inference

The process of using data analysis to deduce properties of an underlying distribution of probability; drawing conclusions about populations based on sample data.

Optimization Models

Mathematical models that are designed to find the best possible solution or outcome from a set of parameters or constraints.

Prescriptive Analytics

The set of analytical techniques that yield a best course of action.

Maximize

To increase or make as large or great as possible, often used in the context of mathematical optimization.