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Technical Economies:
They are economies that accrue from the use of large machines with emphasis on full utilization and efficiency in production. First, there are some equipment which are available only in certain minimum sizes, and unless the plant acquisition and usage will permit the production or at least these minimum output levels of production, it will not be economical to acquire them.Secondly, large-scale production, it will not be economical to acquire them. Secondly, large-scale production allows for the specialization of different sets of equipment for the different phases of the firm’s activities. This reduces the cost (i.e. time and money cost) involved in setting and re-setting the same equipment for different functions. Thirdly, the firm can have a standby machine as an insurance against any form of equipment breakdown.Also, the specialization of machines aids the further development of division of labour. These benefits derived by the firm from such approach to production lead to substantial economies of scale thereby by the firm from such approach to production lead to substantial economies of scale thereby reducing the unit cost of output produced.
Ali Pizza’s production function is shown in the table above. Ali currently operates Plant2. He hires workers at a wage rate of $50 a day and his total fixed cost is $150. a) Calcul
IS INDIAN COMPANIES RUNNING A RISK BY NOT GIVING ATTENTION TO COST CUTTING?
Quality Control: Standards and standardisation, quality systems, certification and inspections, measurement systems, testing laboratories, their accreditation and calibration
Analyse the method by which a firm can allocate the given advertising budget between different media for advertisement?
Expected Utility: Theory Assume that a utility index exists which conforms to the five axioms. The expected utility for the two-outcome lottery L = (P, A, B) is given by,
What are the important functions to maximize total surplus? The market equilibrium maximizes total surplus since the market performs four significant functions are as follows:
Cross-Price Elasticity of Demand is explained below: Cross price elasticity of the demand is the percentage change in the quantity demanded of a particular good, with respect t
what are the limitations of economies of scale?
Iso-quant: The dots in the above Figure denotes the various combinations of (L, K) that the producer can pick up from form to produce. Among these combinations, there can be t
#what is exceptional supply curve
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