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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.
Production Process: Production is a process that transforms factors of production or inputs into output of goods and services. Production may be classified into extraction, ma
The demand curve for gasoline is P = 200 - 10Q. a. Find the elasticity of demand for a quantity of 8. Does this number imply that quantity demanded is sensitive to price change
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concept of the law of supply
GDP Price Level At the equilibrium level of income aggregate spending in the economy equals aggregate output. All along, we have assumed that the general price level remains un
Economics- Definition Economics is the study of how societies utilize limited resources to make valuable commodities and allocate them among diverse people. Microeconomics h
The economy, however, is facing inflationary pressures. To deal with the macroeconomic problem, the government uses expansionary fiscal policy to decrease taxes and, as an indirect
Uses of price and income elasticity of demand: The concept of price elasticity of demand has some uses whihc include the following: (i) Pricing of goods and services It is
what will be the possible concequences if a large scale like Toyota place its new product in Indian market without having forecast the demand for its product
#question.what is probability and laws
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