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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.
Price Elasticity at Terminal Points The price elasticity at terminal point N equals 0 means that at point N, e = 0. At terminal point M, although, price-elasticity is undefined
The individual and market demand curves The quantities and prices in the demand schedule can be plotted on a graph. Such a graph after the individual demand schedule is called
Bikes-for-two, Inc., produces tandem bicycles. Its costs have been analyzed as follows: VARIABLE COST Materials $30/unit Manufacturing labor 3 hours/unit ($8/hour) Assembly labor 1
Interaction of supply and demand, equilibrium price and quantity In perfectly competitive markets the market price is determined by the interaction of the forces of demand and
Nature and Functions of Money The concept of money is very difficult to define . it is belongs to the category of things which are not amenable to any single definition. It is p
introduction, evaluation,principle, activities concept behind Gatt & wto
Suppose that the price elasticity of demand for cereal is -0.75 and the cross-price elasticity of demand between cereal and the price of milk is -0.9. If the price of milk rises by
Let consider the economy (above) again where the following set of stocks is traded: x 1 =(2,2,0) x 2 =(1,0,3) x 3 =(0,2,4) for the prices (p 1 , p 2 , p 3 )=(1,
Give some examples for marginal and incremental principle
Q. Example on Relationship between marginal and average cost? This relationship between marginal and average cost can easily be recalled with the aid of Fig. below. It can be s
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