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Q. Explain about Labour Economies?
Labour Economies: As the size of output increases the firm enjoys labour economies because of (a) specialisation, (b) time-saving (c) automation of the production process and (d) 'cumulative volume' economies. As size of production increases the firm merits from the advantages of division of labour and specialisation of labour that enhance the productivity of the various types of labour. The benefits of division of labour is emphasised by Adam Smith in his book, The Wealth of Nations published in 1776.
Division of labour also condenses the time lost in changing from one type of work to another. Division of labour promotes invention of machines and tools which, in turn, results in mechanisation of the production process. This helps the labour in working faster and therefore, increases the labour productivity. Further, large scale production helps the technical personnel to obtain considerable experience from the 'cumulative effect'. This 'cumulative volume' experience results in higher productivity. Therefore as the size of output increases the unit cost falls.
Advantages of Perfect Market It achieves, subject to certain conditions, an allocation of resources which is: socially optimal" or "economically efficient" or "pareto effi
Dumping If goods are sold on a foreign market below their cost of production this is referred to as dumping. This may be undertaken either by a foreign monopolist, using high
Individual and market demand schedule The plan of the possible quantities that will be demanded at different prices by an individual is called Individual demand schedule. Su
Keynes Theory Keynes views about trade cycle entitled notes on the trade cycle of his classic the general theory of employment interest and money published in 1936. Although K
Q. Explain Maximising revenue method? In a number of cases, a firm's demand and cost conditions are such that marginal profits are greater than zero for all levels of productio
Advantages a. They are less costly to administer because the producers and sellers themselves deposit them with the government. b. If levied on goods with inelastic deman
A study of 86 savings and loan associations in six northwestern states yielded the following cost function. I''ve been given the following data; C=2.38- .006153Q1 + .000005359Q2 +
Cost of Unemployment Unemployment is a problem because it imposes costs on society and the individual. The cost of unemployment to a nation can be categorized under three hea
p=10, TC= 1000+2Q+.01Q^2, Q=?
Q. Explain about Managerial Economies? Large scale production makes possible the division of managerial functions. So there exists a production manager, a finance manager, asal
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