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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.
Explain the detail central problem of an economy?
a. Generally, there will be a difference between the CV and the EV. Why? b. The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it
use a graphical illustration to describe briefly what the influence of each of the following be on the market supply of labour,(a) an increase in immigrants, (b) a reduction in wag
Qdx=-30p+0.10+4pr+4t
How do you calculate marginal revenue, and monopolistic profit?
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write name and symbol of element from s-block that has zero oxidation state?
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Under specified assumptions, derive the square-root formula of the Baumol-Tobin's inventory model of transactions demand for money and briefly describe the effect of a one period i
The question states that a hotel charges $60 a night for a room per night during off peak. This hotel has a fixed cost of $75 per night and variable costs of $40 per night (only ap
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