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Q. What is Technical Economies?
The significant technical economies result from the use of specialised capital equipment that comes into effect only when output is produced on a large scale. Technical economies also arise from indivisibilities that are the characteristics of modern techniques of production. Or we can say that as the scale of production increases the firm reaps the benefits of mechanisation of using mass production methods. This will decrease the unit cost of production.
Economies and diseconomies of scale are of two types- external andinternal. Internal economies and diseconomies are those which a firm reaps as a result of its own expansion. Conve
Suppose market demand and supply are given by Qd = 100 – 2P and QS = 5 + 3P. If a price floor of $20 is set, what will be the size of the resulting surplus?
PHILLIPS CURVE The Phillips curve, named after A. W. Phillips, describes the relationship between unemployment and inflation. In 1958 Phillips, then professor a
Characteristics of Money Over time, therefore, it became clear that for an item to act as money it must possess the following characteristics. Acceptability If
explain how income flows in governed economy
Actual income and Full employment income Full employment income (Also called Potential National) is the national income that could be produced when the country's factors of pr
Gains From International Trade The gains from International trade are to make the participating countries better of than they would have otherwise been. This will be the res
Factors affecting the total market demand These are broadly divided into the determinants of demand and conditions of demand. (a) Own price of the product This
Rationing of Credit As an instrument of credit control credit rationing was first employment by the bank of England toward the end of the eighteenth century when it imposed a c
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
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