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Managerial Economies:
These are many managerial economies associated with large-scale production. A large firm is in the position to employ more highly qualified and specialist managers (such as production manager, marketing manager, financial manager, etc.) to man the various departments of the firm. Large firms can also mechanize managerial activities by introducing the usage of improved devices such as computers, telephones, fax, e-mail, etc. Opportunities are also made available for the training of young potential career managers for the firm. These economies lead to increased output and lower per unit cost of production.Economies of research and development:
All things being equal, larger firms make greater profits and can set aside some of these profits for research and develop the product.
"price makers" never want to produce in the inelastic part of their demand curve why
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The Technology of Production * The Production Process - Combining inputs or the factors of production to attain an output * Categories of Inputs (or the factors of prod
The price at which output is sold in a perfectly competitive market is determined by
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