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Sources of external economies of scale:
Economies of Skilled Labour:
This involves upgrading the skills of labour through the provision of education and training facilities in a well-organised industry. This ensures that education and training of labour do not become part of the industry’s daily operations but rather some specialized institutions take over the performance of these functions. This is often easier in well-organised industries than less organized ones. Such education and training culminate in economies of manpower development and generally lower the cost of production in the industry.
Use a graphical illustration to describe briefly what the influence of each of the following would be on the market supply of labor:(a) an increase in immigration (b) more women en
summary of general equilibrium
discuss and illustrates the following terms with diagrams1.inferior goods.2.normal goods,3.giffen goods
The demand for every productive resources is a derived demand. By derived demand it is meant that it is the output of the resource and not the resource itself for which is a deman
What are the possibilities of returns to scale in production technology? Three possibilities are there as: technology exhibits (a) constant returns to scale; (b) decreasing ret
You estimate that the price elasticity of demand for one-acre plots in Lusaka is -1.5 and that income elasticity of demand is 5. Land owners intend to increase the price of a one-a
Explain how normal profit and abnormal profit differ. Normal profit (breakeven) - which must contain commentary on the inclusion of opportunity costs. Abnormal profit should be
There are various implications of the monopoly model; many of which lead to criticisms of monopoly on issues of both technical /allocative efficiency. The prices and output verifi
what is the differences between utility theory, indifference theory and revealed preference theory
Consider a family saving function for the population of all families in the United States: sav = β 0 + β 1 inc + β 2 hhsize + β 3 educ + β 4 age + u where hhsize is househol
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