0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
In Webers least cost theory what two major factors controlled cost of transportation?
weight/ volume of the good and distance to market.
What is the von thunen model?
This is Theory of Least-Cost Location
What are the 3 factors of weber's least cost theory?
Material index, labor and agglomeration and deglomeration.
What are flaws of Alfred weber's least cost theory?
- Weber's theory does not account for the fact that markets and labour forces are often mobile - The Least Cost Theory does not take into account that the labour force contains some variance, in skill sets, gender, age, language etc. -Weber's theory also assumes that all transportation costs are directly proportional to the distance from the market, although this is not necessarily true. (Especially in today's global economy)
What is modern theory of cost of production?
the traditional theory explains cost curve u shape, but in modern theory says that cost curve L shape
What is modern theory of cost?
Modern theory of cost is that the Economist belief that the average cost curve and marginal cost curve (AC & MC) are "L" shaped.
What is the cost-plus-markup theory?
Cost-plus-markup theory is the theory that business firms calculate their unit costs and add on a percentage markup.
What are online shopping strengths and weaknesses?
Strengths:- Save time save transportation cost 24/7 Availability Weakness:- phishing scams
What are the strengths and shortcomings of a decentralised approach to training managers and hourly employees?
cost
What is least cost site?
a least cost site is a business location that allows businesses to minimize its cost.
Explain Theory of absolute cost advantage by propounded by Adam smith?
explain theory of absolute cost advantage as propounded by Adam smith
What is the difference between in Normative theory and historical cost theory?
Normative theory focuses on what should be done based on ethical, moral, or societal principles, while historical cost theory values assets at their original purchase price. Normative theory considers broader implications and ethical considerations, while historical cost theory is more concerned with financial accuracy and reliability.
