1995•The Journal of Economic EducationRequires access

Exploring the Relation Between Returns to Scale and Pecuniary Economies/Diseconomies

Lila J. Truett, Dale B. Truett

Abstract

This article examines the behavior or long-run average cost when the firm knows it faces pecuniary economies or diseconomies or scale and has other than a constant-returns-to-scale production function. The central issue is the conditions under which the scale properties of the production function will or will not dominate the pecuniary effects of changing input prices.

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Key concepts: Diseconomies of scale, Returns to scale, Economies of scale, Economics, Production (economics), Scale (ratio), Economies of agglomeration, Function (biology)