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Q. What is Internal Diseconomies of Scale?
Internal economies of scale exist only up to a certain size of the plant. Size of plant is called the optimum plant size since with this size of plant all possible economies of scale would be fully exploited. If the size of plant increases beyond this optimum size there arise diseconomies of scale (which implies decreasing returns to scale) especially from managerial diseconomies. It is claimed that technical diseconomies can be avoided by duplicating the optimum technical size of the plant.
Types of isoquant
assumptions and limitations
Infant Industry Argument Advocates of this maintain that if an industry is just developing, with a good chance of success once it is established and reaping economies of sale,
Q. Loss at the point of equilibrium? Losses: At the point of equilibrium i.e. E where MR = MC, firm produces OM amount of the output. To produce this output, firm incurs an a
Factors determining Elasticity of demand Ease of substitution. Nature of the commodity i.e. whether it is a necessity of life, luxury or addictive. Consumers
How does economic theory contribute to managerial decisions?
Suppose that the price elasticity of demand for cereal is -0.75 and the cross-price elasticity of demand between cereal and the price of milk is -0.9. If the price of milk rises by
Real Vs Nominal GNP: "Deflating" by a price Index One of the problems that confront economists when measuring GNP is that they have to use money as the measuring rod. Thes
definition of total revenue,marginal revenue,average revenue
Define Williamson''s Model of Managerial Discretion practice?
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