ECONOMIES OF SCALE Economies of scale are basically the increase in efficiency of production as the number of goods being produced in a firm increases. Typically‚ a firm that achieves economies of scale lowers the average cost per unit through increased production since fixed costs are shared over an increased number of goods. Fixed costs are those costs of production that do not change when output changes. There are two types of Economies of Scale: Internal economies External economies Internal
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same end product‚ are done on a much larger scale in industry. The aspects they may differ in are equipment‚ time taken‚ and many other things. In this report I will explain how and why laboratory and industrial scale differ using the example of preparation of aspirin. The first difference is that instead of weighing the 2-hydroxybenzoic acid on scales on a work bench in a beaker as you would in small scale‚ it is easier and safer to weigh it onto scales‚ in a plastic bag on the floor. This is easier
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market power. Apply the quantity and price affects on revenue of any movement along a demand curve. Find the profit maximizing quantity and price of a single-price monopolist. Compute deadweight loss from a single-price monopolist. Compute marginal revenue. Define the efficiency of P = MC. Find the profit-maximizing quantity and price of a perfect-price-discriminating monopolist. Find the profit-maximizing quantity and price of an imperfect-price-discriminating monopolist. Question: Each
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However the difference in the outcomes of both expeditions did not only result from differences in leadership goals‚ but also from the quality of their crew members‚ the team cohesiveness‚ and the compatibility of the employed leadership styles with the attributes of the managed counterparts. In the case
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RATING SCALES INTRODUCTION Rating scales‚ as the name implies‚ are scales for rating each of the characteristics or activities one is seeking to observe or assess. A rating scale is a set of categories designed to elicit information about a quantitative or qualitative attribute. They enable an observer to systematically and objectively observe a person and record those observations. In the social sciences‚ a common example is the Likert scale in which a person is person selects the rating which
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Resiliency Scales for Children and Adolescents A critical review Katie Waghorn West Virginia University March 14‚ 2014 Author’s Note This paper was prepared for COUN 505 taught by Dr. Tina Walsh Introduction Resilience is a complex construct with many definitions. Most frequently‚ resilience can be defined as one’s ability to “bounce back” from an adverse situation. It is “interactive and contextual” (Prince-Embury & Saklofske‚ 2013‚ pg.19). However‚ some believe resiliency
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Absorption and marginal costing (Relevant to AAT Examination Paper 3: Management Accounting) Li Tak Ming‚ Andy Deputy Head‚ Department of Business Administration‚ Hong Kong Institute of Vocational Education (Kwai Chung) Introduction Absorption costing and marginal costing are alternative cost accumulation systems used to ascertain product or job costs for inventory valuation and cost of sales. Absorption costing Absorption costing includes both variable and fixed production costs in the
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Differences Between Leadership And Management Leaders and managers are very similar in role responsibilities‚ yet have very subtle differences. Both roles are instrumental in building strong teams of employees and compliment each other as they work towards the same goals. There are a few notable differences‚ which can help to distinguish between a manager and a leader. Managers perform functions in organisations and hold a particular‚ formal‚ title and fulfill a role. They are responsible for
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In my view‚ all the workplaces should have limited internet access as it affects the overall productivity of the company because of the lack of work-efficiency of every individual. There are two reasons in support of my opinion. Firstly‚ now days‚ Internet has a lot of entertainment than knowledge. And people are prone to watch more of entertainment shows than reading any useful information from websites which would enrich one’s knowledge. For instance‚ today’s internet has so many social networking
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ECONOMIES OF SCALE Economies of scale are the cost advantages that a business can achieve by expanding the scale of production. That is‚ when long-run average costs (LRAC) fall. Overhead costs (fixed) are spread over more units produced. Overhead costs (fixed costs) are spread more when more units are produced. These lower costs are an improvement in productive efficiency and can benefit consumers in the form of lower prices. Units produced Total cost Average cost
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