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6 November, 08:13

If the production function of ideas is as follows: then the function exhibits:

a. Increasing returns to the ideas stock but decreasing returns overall

b. Constant returns to the ideas stock and labor

c. Decreasing returns to the ideas stock but increasing returns overall

d. Decreasing returns to the ideas stock and labor

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Answers (1)
  1. 6 November, 09:35
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    Option c. Decreasing returns to the ideas stock but increasing returns overall

    Explanation:

    In economics, the challenge will be to increase the production of the goods and render more services. However, the return to the flattening curve means that there would be a change in the trends. Thus, in this case, there would be a variability in the supply and demand chain. Such tends to happen with drastic changes in the trends.
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