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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 discounts on bulk purchases of raw materials, the ability to use fixed assets to full capacity, the skills to use particular labor to its fullest capability, and the skills to use management to govern the largest number of people as efficiently as possible.
Describe one case that fits the story of Prisoner Dilemma in not more than 10 sentences. It should fit the following features and it should not be any of the examples we already ta
given short run total cost curve :10q^2+4q=100 and short run marginal cost MC=20q+4 and market demand Q=100-p what''s the equation of the short run supply curve?
The Industrial Revolution The century after 1750, saw the industrial revolution proper: invention of steam engine, spinning jenny, power loom, hydraulic press, railroad locomot
EXCEPTIONAL SUPPLY
The prevention of major swings in economic activity can be handled most easily by the
The objective of the Government of Mauritius, as announced in the Budget Speech 2007/2008, is to target 2 million tourists by 2015. (a) Critically assess whether the target of
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of
what do you mean by social welfare function
Slope of an Iso-quant: Since along an iso-quant the level of output remains the same, if θL units of θL are substituted for K units of K, the increase in output due to θ L
Externalities: Many economic activities have collateral effects (at times positive, but more often negative) on other people who aren't directly involved in that activity. Illustra
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