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Explain what economies of scale are and why they have become increasingly common in later years.
Economies of scale - Enhance in fixed factors, but output enhances at a proportionately higher rate than unit costs
a) Technical economies of scale - spreading of fixed costs, improved use of capital
b) Managerial economies of scale - higher efficiency in firms production units by specialisation
c) Purchasing economies - bulk buying, good customer prices
d) Marketing economies of scale - advantages of having broad brand-name recognition
e) Financial economies of scale - larger asset base for security in loans, lower interest
(1) The demand curve for oranges is given by the equation P = 5 – Q/200. The supply curve is given by P = Q/800. Q is measured in oranges per day and price is measured in dollars p
discuss the implications of various market structures(competitive and non-competitive)for price determination
With current technology, suppose a firm is producing 400 loaves of bread daily. Assume that the least cost combination of resources in producing those loaves is $180 ( 5 units of
1- Suppose the economy is currently in recession, and the exchange rate if fixed using the IS-LM model. a) explain and illustrate the economy adjustment ( in the medium run)
Slutsky's Theorem: Graphical Presentation We prove here that own price effect is the sum of own substitution effect and income effect for a price change, which is known
Assignment: Externalities •Consider the following scenario: The city council has just approved the construction of a water park in your town. As city economist, you are responsible
Case 1: The market for drugs Supply, demand, and equilibrium: The market for drugs. Suppose the market for drugs is a perfectly competitive market. Let the supply curve
The Short Run versus long Run - Short-run: Period of time in which the quantities of one or more production factors cannot be changed. These inputs are called as fi
Discuss MO theory in detail?
Consider the following linear program in primal form and develop the dual formulation in a detailed manner. Use matrix notation in developing the dual. Clearly express all the dual
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