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Q. Define Economies of Scale?
Economies of Scale: Most economic production requires producing firm or organization to make an initial investment (in real capital, in design andengineering, in marketing) before even first unit of production takes place. As total production then grows, cost per unit of that initial investment shrinks. For this reason, most industries exhibit economies of scale, whereby unit cost of production declines as the level of output grows. Due to economies of scale, larger companies have an advantage in most industries and economy typically operates more efficiently when it's busy and growing (than when it is shrinking or stagnant).
Xd(Px)=5000-100Px
Assume that a shoe salesman learned the price elasticity of demand for her products is -1.5. How many percent will increase in total sales (revenue) if she cuts the price by 10%?
#how do you draw a demand curve on excel
In this assignment you will apply consumer choice theory and marginal analysis to business problems. Consider each of the following products and services: a pair of tickets to a s
What is Economics Trade Analysis?
Suppose an economy has four sectors, Agriculture (A), Energy (E), Manufacturing (M), and Transportation (T). Sector A sells 10% of its output to E and 25% to M and retains the rest
explain the cobweb model of equilibrium
"Micron" is a company,providing micro financing facility for various business entities.So far Micron has been in operation for seven years facilitating new business ventures and ex
Suppose that you can produce high-quality beef at $3 per pound and sell it for $8 per pound. Low-quality beef costs $1 to produce but only sells for $4 per pound. If quality is uno
When the demand function is 2Q - 24 + 3P = 0, find the marginal revenue when Q=3.
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