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Economies of Scale
The reduction in the cost of each additional unit produced as all factors of production increase. Factors contributing to economies of scale include discounts on bulk purchases of raw materials, the ability to use fixed assets to full capacity, the skills to use particular labor to its fullest capability, and the skills to use management to govern the largest number of people as efficiently as possible.
1. Implicit and explicit revenues minus implicit and explicit costs equals: A. accounting profit. B. economic profit. C. zero profit. D. implicit profit. 2. A business owner mak
Transport Infrastructure: The development of transport infrastructure plays an important role in the growth process through increasing mobility of resources and increasing fac
EMPLOYMENT AND UNEMPLOYMENT POLICY: Engagement of a person in any economic activity is central to the concept of identifying a worker. A worker is one who participates in any
law of diminishing marginal utility its assumptions, limitation, and its practical importance
sir i want critics of marris''s model , i have an assginment (write critics of marris''s model)
What is opportunity cost? Answer: Opportunity cost is a term used in economics, to mean the cost of something in terms of an opportunity foregone (and the advantages that co
ASIAN DEVELOPMENT BANK; In addition to the World Bank family, there are three other international lending agencies operating only in specific geographical area, but run on lin
how might opportunity cost help to explain the pattern of international trade?
Difficulties in Measuring Cost 1) Output data may represent an aggregate of different type of products. 2) Cost data may not include opportunity cost. 3) Allocating c
. Crumble Corporation produces cookies. Here is the relationship between the number of workers and output (in dozens of cookies) in a given day: Workers Output Marginal Product
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