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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.
how realistic is the sales maximisation model from your experience with business objectives as persued by firms
Interest rates Decreasing the rate of interest may not encourage investment but increasing the interest rate tends to lock up liquidity in the financial system.
they manufacture a single product, specialty curry sauce. They are interested in developing 12 MONTH budget models and want to perform decision analysis on this model. Curryrus.com
limitations of managerial ecomomics
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Suppose that the present level of income in the economy is $700 billion. It is determined that in order to decrease the unemployment rate to the desired level, it will be essential
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OBJECTIVES OF CREDIT CONTROL The old objective of controlling credit creation by the commercial banks in the country was dictated by considerations of maintaining stability of
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