if the production function exhibits increasing returns to scale in the steady state, an increase in the rate of growth of population leads to

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10-11-2022
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if the production function exhibits increasing returns to scale in the steady state, an increase in the rate of growth of population leads to

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qwdeeppink qwdeeppink · Answer 1 · 2022-11-15T17:39:02+01:00

Increases in the rate of population growth result in increases in total output but decreases in output per worker if the production function exhibits rising returns to scale in the steady state.

A production function in economics describes the technological relationship between the amounts of physical inputs and the amounts of output of commodities. One of the core ideas of traditional neoclassical theories is the production function, which is used to define marginal product and distinguish allocative efficiency, a crucial area of economics study.

To address allocative efficiency in the use of factor inputs in production and the ensuing distribution of income to those factors, while abstracting from the technological challenges of achieving technical efficiency, as an engineer or professional manager might understand it, is one of the key goals of the production function.

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