Business, 12.06.2021 23:20 AnimeGurlBYah

QUESTION FIVE (20MARKS) (a) What do you mean by production function? Distinguish between a short
period and a long period production function.
[6 Marks)
(b) Explain the basis of increasing returns to scale.
(10marks
(c) Why has welfare Economics accepted perfect competition as a desirable
ideal?
[4 Marks)

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QUESTION FIVE (20MARKS) (a) What do you mean by production function? Distinguish between a short

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