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Economies of Common Services:
Through the concentration of firms in a particular industry in a given geographical location, the firms may enjoy certain commonservices.These services include special transport and telecommunication facilities, water, power, publication of trade journals with news and articles of special interest to the firms as well as even special treatment from bankers. Also, a well-organised industry may enjoy excellent marketing arrangements through which it can buy raw materials and sell finished products. All these lead to a lower per unit cost of output in the industry.
Economies of Research and Development:
Another advantage enjoyed by firms in well-organised industry relates to research and development activities. The industry or other institutions may provide these research activities with the result being made available to the firms in that industry. This lowers per unit cost of output produced in the industry.
Private Returns Versus Social Returns As there is subsidisation of education by the state in all countries (and a little higher subsidisation in developing countries) it happe
write characterstics of duopoly
Derivation Of Ordinary Demand Function: Suppose, and q 1 = (Q 1 1 , Q 2 1 ,..., Q n 1 )T. Let M0 be the money income and p 0 q 0 = M 0 and p 0 q 0 ≥ p 0 q 1 , where p
When somebody wearing muddy shoes rides a public bus, he imposes a negative externality on other riders (passengers get some mud rubbed off on them, and the shoes look ugly). If a
New developments
Price elasticity is used in economics to determine the changes in price of goods and services. It measures the change in price demanded and quality supplied. Determinants of pri
1. Nonwage Determinants of Labor Supply Suppose that two jobs are exactly the same except that one is performed in an air-conditioned workplace. How could you measure the value wor
Consider a two-period economy with a single commodity (say leisure): x1 is the con- sumption of leisure in period 1, and x2 is the consumption of leisure in period 2. When Peter ev
Discuss the costs and benefits of establishing a common currency. So, there is a convergence issue in setting up the common currency - and there will also be a convergence prob
Nature of Expectations in Keynes' Theory : The above discussion on the nature of expectations in Keynes' theory may be summarised as follows: 1) In forming long-term expec
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