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Q. Define Economies of Scale?
Economies of Scale: Most economic production requires producing firm or organization to make an initial investment (in real capital, in design andengineering, in marketing) before even first unit of production takes place. As total production then grows, cost per unit of that initial investment shrinks. For this reason, most industries exhibit economies of scale, whereby unit cost of production declines as the level of output grows. Due to economies of scale, larger companies have an advantage in most industries and economy typically operates more efficiently when it's busy and growing (than when it is shrinking or stagnant).
The efficiency loss of a tax is the tax revenue collected by government minus the value of the public goods financed through the tax. Why is this false?
What is Hicksian demand function? Hicksian Demand Function: The solution of expenditure function that is the function of (p, u) is denoted by h(p, u) and termed as the Hicks
Price Level:Overall average level of nominal prices in the economy can be calculated, most often as a weighted average of the prices of individualservices and goods (with weighting
how a firm will choose its optimal inputs, isocosts and isoquants explanation
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
please may you explain this concept
assume you are selling a product and when your price is decreased by 29% your quantity demanded increases by 55%. What is your price elasticity of demand?
what is the Theory of second best? Prove the theorem with the help of digram
You are a commuter student at a local university. Because of the steep rise in gasoline prices, your parents decide to give you enough additional weekly cash so that you can affor
How to solve general equilibrium in pure exchange economy with 2 consumer and 3 commodities
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