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Economies of Scale The reduction in the cost of each additional unit produced as all factors of production increase. Factors contributing to economies of scale include discoun
About four years ago, Kanye West performed at the UIC Pavilion. General admission tickets were priced at $30. Concert promoters say that price elasticity of demand for general admi
What is meant by labor force? In economics the labor force is the group of people who have a potential for being employed. Normally, the labor force having of everyone above
Law of conservation of mass was proposed by Lavoisier & verified by Landolt. According to Law of conservation of mass law Matter is neither created nor destroyed in the course of c
Production possibility frontier PPF is a combination of two or more goods a which a country can make in a given timeline or period with resource fully employed.
Find a recent hostile takeover in Europe and compare the European takeover tactics and defences to those tactics and defences in US. In your opinion do you think the targeted firm
1. Suppose that Mr. John has the following Cobb-Douglas utility function U = 6X^2/3y^1/3 the market price of X and Y commodity are $1 and $2, respe
Explain why each of the following factors may influence the own price elasticity of demand for a commodity. The narrowness of the definition of the commodity
In the short run, the size of the plant is fixed whereas in the long run a firm can adjust its plant size. One of the choices in the long run will be the short run plant size. That
An increase in the scale means that all inputs or factors are increased in a given proportion. Increase in the scale thus occurs when all factors or inputs are increased keeping fa
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