Caycuma

Caycuma for The measure informs us as to whether consumers buy more or less of the good as their income rises (i.e., whether the good is a normal or inferior good) and whether the response is inelastic or elastic (i.e., whether the good is a necessity or luxury). increasing returns to scale: a condition that occurs when a firm may double the number of factors hired in the long run and consequently more than double the quantity of output produced. Increasing returns to scale is consistent with economies of scale. Caycuma 2016.

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