Explain Each of the Following: (1)constant Returns to Scale; (2)decreasing

question 39

Essay

Explain each of the following: (1)constant returns to scale; (2)decreasing returns to capital; and (3)decreasing returns to labor.

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Definitions:

National Insurance

A system of compulsory payments made by employees and employers to fund various types of state benefits and healthcare.

Easements

Rights granted to use the property of another for a specific purpose, such as right of way.

Fixtures

Items that are originally personal property but become real property when attached in a permanent manner to land or a building.

Lost Property

Property that is found where it appears to have been left unintentionally, such as items lost by their rightful owner.