Production in the Long Run Homework Help: your way to success!
Assignments can be a pain in the neck, right? Especially, when the concerned subject is one like Economics and the topic is Long Run Production! After a hard day at school/college and all other works, it can be really tiring to sit down and do the assignments. When done half-heartedly, the assignments are not up to the mark, and, as a result, grades go down the hill. But now you can save yourself from such catastrophes! Your friend, myhomeworkhelp.com puts forth a wonderful offer to do your homework on your behalf. Yes, you read it correctly! Our Production in the Long Run Homework Help team will gladly guide and help you to create a proficient assignment that will make it easy for you to bag the highest grades.

We are here only for your help and, therefore, here is some knowledge on the topic you could use.
A brief idea of Production in the Long Run
The period of time during which all the factors of production can be varied is known as Long Run.
When all the inputs are simultaneously changed, we call this change in the scale of production. The way Total Output changes due to change in scale of production are known as Laws of Returns to Scale. Applicable in the Long Run only, Returns to Scale can be of three kinds, as discussed:

  • Constant Returns to Scale:

If increase in output is in the same proportion as an increase in quantity of all the inputs, Returns to Scale is said to be constant.

  • Increasing returns to Scale:

When an increase in output is more than proportional compared to the increase in all inputs, the case is known as Increasing Returns to Scale.

  • Decreasing Returns to Scale:

If the output increases in a smaller proportion compared to inputs, the Returns to Scale is said to be decreasing.
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