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Q. What is Internal Diseconomies of Scale?
Internal economies of scale exist only up to a certain size of the plant. Size of plant is called the optimum plant size since with this size of plant all possible economies of scale would be fully exploited. If the size of plant increases beyond this optimum size there arise diseconomies of scale (which implies decreasing returns to scale) especially from managerial diseconomies. It is claimed that technical diseconomies can be avoided by duplicating the optimum technical size of the plant.
incrimental principle
The production function can have many uses. It can be used to compute least-cost factor combination for a given output or maximum output combination for a given cost. Knowledge of
Strategic Reasons For political or strategic reasons, a country may not wish to be dependent upon imports and so may protect a home industry even if it is inefficient. Many co
SIGNIFICANCE OF THE CONCEPT AND THEORY OF SEARCH UNEMPLOYMENT From what has been said earlier, you understand the significance of the theory of search unemployment as
1. What is the difference between a static (master) budget and a flexible budget? Ans: static budget is where a budget doesn't change a volume changes. An example could be th
on the application of any of the concepts learnt in Managerial Economics. You may try to use these concepts to everyday problems in life or in any of the current debates on in the
Marginal Utility The extra utility derived from the consumption of one more unit of a good, the consumption of all other goods remaining unchanged. The hypothesis of dimin
Marginal utility approach The downward sloping nature of the demand curve can be explained by using the law of diminishing marginal utility . For instance, consider a consum
A firm producing hockey sticks has a production function given by X = 2 KL In the short-run, the firm's amount of capital equipment is fixed at K = 1000. The rental rate fo
#question.meaning of isoquants and its types
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