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RETURNS TO SCALE: Changes in production the occurs when all resources are proportionately increased in the long run. Returns to scale answers the question: If labor, capital, and ALL other inputs increase by 10%, does output increase by more than 10%, less than 10%, or exactly 10%? These answers indicate that returns to scale can take one of three forms: increasing returns to scale, decreasing returns to scale, and constant returns to scale.

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Lesson 19: Monopolistic Competition | Unit 2: Revenue And Cost Page: 8 of 22

Topic: The Cost Numbers <=PAGE BACK | PAGE NEXT=>

  • Any monopolistic competition firm's production decision must consider both the revenue received from production and the cost of the production.

  • A few points about these cost numbers:

    1. Most important is the law of diminishing marginal returns, which affects the short-run production of any firm, regardless of market structure.

    2. For the firm's operation, producing five or more units per hour entails decreasing marginal returns.


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LAW OF SUPPLY

The direct relationship between supply price and the quantity supplied, assuming ceteris paribus factors are held constant. This economic principle indicates that an increase in the price of a commodity results in an increase in the quantity of the commodity that sellers are willing and able to sell in a given period of time, if other factors are held constant. The law of supply is an important principle in the study of economics.

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