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What types of external economies generates the output which reduces the costs of the firms in it?
The chief example of external economies provided by marshal are (i) improved methods of machinery which are accessible to the whole industry when it expands (ii) economies which result from the growth of correlated branches f industry which mutually assist one another and being concentrated in the same localities encourage the development of hereditary skill the growth of subsidiary trades supplying it with implements and machinery (ii) economies which are connected with the growth of knowledge and the progress of arts especially in matters of trade knowledge newspapers trades trade and technical publications.Like marshal Joan Robinson who analyzed the phenomenon of increasing returns (decreasing cost) in the context of partial equilibrium analysis provided the following main examples of eternal economies (i) the cases where the machinery can be bought more cheaply when the industry presents a large market to the machine-making industry and (ii) the case where a large labour force is accustomed to work in a certain trade and develops traditional skill.
Positive versus Normative Economics Positive Economics Positive economics considers with the predictions or observations of the particulars of economic life. For instance:
a) An enhances in the quantity demanded of a good can happen because consumers expect the price of that good to enhance in the near future. b) A price ceiling imposed above the
In an industry with two firms, represent the outputs for these single product firms as q 1 and q 2 . The two firms decide to form a cartel and set their levels of output to maxim
Your firms production function : Q=4K^1/2L^1/2 Suppose that the price of labor is $5 and the price of capital is $20. Your firm desires to produce 200 units of output. How much
why we study micro econmics?
The End of the Productivity Slowdown As computers improved and spread throughout the U.S. economy in 1970's and 1980's economists kept waiting to see the wonders of computing
what to produce of capitalism
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what is the use of models in economics?
What is the difference between indifference curve and isoquants? An indifference curve shows dissimilar combinations which a consumer can buy with a given level of income. Ind
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