Explain the Economies of Scale
Explain the Economies of Scale.
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The factors that cause the operation of the laws of returns the scale are grouped under diseconomies and economies of scale. Increasing returns to scale operates due to economies of scale and decreasing returns to scale operates due to diseconomies of scale whether economies and diseconomies arise concurrently.
Increasing returns to scale operates while economies of scale are greater than the diseconomies of scale and returns to scale reduces while diseconomies. Overweight the economies of scale. Likewise when economies and diseconomies are in balance and a return to scale becomes constant.
Screening refers to: (w) employers examining the qualifications of a potential employee before hiring. (x) applicants acquiring additional schooling in order to attain a certain job. (y) employers hiring only people of a certain race or sex. (z) applicants learning as
The Black Plague which killed millions of medieval Europeans probably mainly directly and instantly resulted in: (1) Greater trust on the mercantilist economic theory. (2) Higher standards of living for survivors. (3) More positive attitudes of early Christian theolog
Explain the marginal input-output relationship in short run and long run.
Profit-maximizing firms which operate in competitive resource and output markets adjust labor inputs till the wage rate equals the: (1) average revenue from output. (2) output price equals average variable cost. (3) marginal utility o
Illustrates the Regression and Correlation statistical method of Demand Forecasting?
Labor supplies depend on wage rates and also: (w) labor force participation and capital availability. (x) worker skills and preferences regarding employment. (y) technology and the price of output. (z) labor force participation and derived demand.
What are the tools and techniques for demand estimation?
The substitution consequence on labor supply decision of an individual is more powerful than the income effect while: (1) higher wage rates result within increased hours worked. (2) cuts in wage rates yield discouraged worker effects. (3) the supply c
Illustrates the different kinds of Demand?
Suppose that price is greater than average variable cost. When a perfectly competitive seller is producing at an output therefore price is $11 and the marginal cost is $14.54, in that case to maximize profits the firm must: w) continu
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