RETURNS TO SCALE: The mode total output changes due to the change in the scale of production is known as returns to scale. There are 3 types of returns to scale: 1. Increasing returns to scale 2. Constant returns to scale & 3. Decreasing returns to scale
Increasing returns to scale: This condition occurs when changes in the output is more than the change in input. Example: Inputs
Output
2 Capital + 2 Labor
300
4 Capital + 4 Labor
700
Causes of increasing returns to scale: 1. Technical Indivisibilities 2. Greater specialization
Constant returns to scale: This situation occurs when changes in the output is exactly equal to the change in input. Example: Inputs
Output
2 Capital + 2 Labor
300
4 Capital + 4 Labor
600
Causes of constant returns to scale: 1. Economies of scale 2. Separableness
Decreasing returns to scale: This condition occurs when changes in the output is less than the change in input. Example: Inputs
Output
2 Capital + 2 Labor
300
4 Capital + 4 Labor
400
Causes of decreasing returns to scale: 1. Complexity of management 2. Diseconomies of scale
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