1. If marginal product is decreasing, then average product must also be decreasing. 2. For a fixed-proportion technology, inputs cannot be substituted for each other in production. 3. The marginal ...

In this article, we have updated and extended the refinery investment cost curves presented in Gary and Handwerk’s “Petroleum Refining: Technology and Economics.”1 2 This article presents the ...

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. As bulk and base commodities continue to fall because of rising supplies and weak demand, investors are trying ...