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Earn +20 ptsQ: What is a relationship between two quantities called input and output?
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What is the relationship between an input and output called?
A function.
What relationship between input and output?
There need not be any relationship.
A rule that establishes a relationship between input and output?
Relation
What is an expression that describes that describes the relationship between each input and output?
function rule
Explain the difference between diminishing return of scale and economies of scale Provide examples if necessary diminishing return of scale?
Diminishing return of scale is a short run concept. It explains the relationship between the rate of output with increaring inputs of production. Economies of scale, on the other hand, explains the relationship between the LR average cost of producing a unit of good with increasing level of output. Diminishing return of scale is a short run concept. It explains the relationship between the rate of output with increaring inputs of production. Economies of scale, on the other hand, explains the relationship between the LR average cost of producing a unit of good with increasing level of output.
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