If We Increase All of Our Inputs on the Farm

question 66

Multiple Choice

If we increase all of our inputs on the farm and we get a more-than- proportional increase in output, this is an example of which of the following:

• A)Increasing returns to scale.
• B)Constant returns to scale.
• C)Decreasing returns to scale.
• D)Normal returns to scale.
• E)none of the above.

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Definitions:

Standard Deviation

A metric that gauges the spread or deviation of a dataset in relation to its average, showing the extent to which the data points are scattered.

Mean

The average of a set of numbers, calculated by dividing the sum of all the values by the number of values.

Median

The middle value in a sorted list of numbers, which divides the data set into two halves.

IQR

Interquartile range, a measure of statistical dispersion being the difference between the 75th and 25th percentiles, or quartiles, in a data set.