Economies and diseconomies of scale

Economies and diseconomies of scale

Scale of production: Large-scale production is a crucial aspect of modern industrial society. The size of business undertakings has significantly expanded as a result. There are some benefits to large-scale production that contribute to lower production costs. Large-scale production-related economies can be divided into two categories: internal economies and external…

Supply – Meaning and Introduction

Supply – Meaning and Introduction

Supply is defined in economics as the total amount of a particular product or service a supplier provides to a consumer at a particular time and price level. It is usually determined by market movements. Sellers of goods and services constitute the supply side in a market economy. We know that the term “demand” refers to the quantity of a good…

ONE ACT OF KINDNESS IS EQUAL TO POSITIVE IMPACT ON MANY LIVES

ONE ACT OF KINDNESS IS EQUAL TO POSITIVE IMPACT ON MANY LIVES

We can define social work as any activity which is for the benefit of a particular population in the society. Not all the people in our society have the access to basic facilities to live a normal life. That is why there are several NGOs and other organizations which helps…

Why and how Emojis are popular everywhere for any type of communication – Evolution

Why and how Emojis are popular everywhere for any type of communication – Evolution

World Emoji Day is an annual unofficial holiday that takes place on July 17 and is intended to honor emoji; in the years since it was first observed, it has grown in popularity as an occasion for emoji-related product launches and releases. Thanks for Watching, use emojis to express and…

Total Outlay | Advertising | Cross price Elasticity

Total Outlay | Advertising | Cross price Elasticity

Total Outlay Method of calculating price elasticity: The total expenditure or outlay made on it and the price elasticity of demand for that commodity are significantly related to each other. We can say that the price elasticity and total revenue received are closely related to one another because the total…

Interpretation of elasticity of demand: Brief Overview in all Aspects

Interpretation of elasticity of demand: Brief Overview in all Aspects

Based on values of price elasticity, economists have found it useful to categorize distinct types of demand behavior. Since we draw demand curves with quantity on the horizontal axis and price on the vertical axis,∆Q/∆P = (1/slope of curve). As a result, demand is less elastic for any given price…