11eab92b_c492_aadc_99e6_4d61b6eafb2f for What Quantity Would You Be Indifferent Between Selecting

question 24

Short Answer

11eab92b_c492_aadc_99e6_4d61b6eafb2f For what quantity would you be indifferent between selecting site B or site C?

---

Definitions:

Returns To Scale

The rate at which output changes if the scale of all inputs is changed by the same proportion in the production process.

Input

Resources used in the production process to generate goods or services, including labor, raw materials, and capital.

Output

The total amount of goods or services produced by a company, sector, or economy within a specific time period.

Isoquants

Curves that represent all the combinations of two inputs that produce the same level of output, used in the analysis of production technology.