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What are the 4 economic factors of production on Chocolate?
Cost of cocoa beans Scale of production Cost to convert to chocolate Cost of selling and distribution
What is the difference between returns to scale and economies of scale in terms of their impact on a firm's production efficiency and cost structure?
Returns to scale refer to the change in output when all inputs are increased proportionally, while economies of scale refer to the cost advantages a firm gains as it increases its production levels. Returns to scale can impact a firm's production efficiency by affecting the overall output, while economies of scale can impact a firm's cost structure by reducing the average cost per unit as production increases.
Why agriculture products prices are high?
for profit maximization,because cost of production of products is costly therefore price is high to cover the cost of production
Idea that as production increases cost per item decreases?
economies of scale :)
How does a company recognize that they've achieved economies of scale or diseconomies of scale?
They can recognise this by seeing that, when quantity is changed, the unit cost of production is falling or increasing at a changing rate. When there is an economy of scale, the unit cost of production is decreasing with units produced; with diseconomies, it is increasing. This can also be represented mathematically by finding the derivatives of cost functions.
What are the 4 economic factors of production on Chocolate?
Cost of cocoa beans Scale of production Cost to convert to chocolate Cost of selling and distribution
What is the difference between returns to scale and economies of scale in terms of their impact on a firm's production efficiency and cost structure?
Returns to scale refer to the change in output when all inputs are increased proportionally, while economies of scale refer to the cost advantages a firm gains as it increases its production levels. Returns to scale can impact a firm's production efficiency by affecting the overall output, while economies of scale can impact a firm's cost structure by reducing the average cost per unit as production increases.
Why agriculture products prices are high?
for profit maximization,because cost of production of products is costly therefore price is high to cover the cost of production
Idea that as production increases cost per item decreases?
economies of scale :)
Define economies of scale?
Reduction in cost per unit resulting from increased production, realized through operational efficiencies. Economies of scale can be accomplished because as production increases, the cost of producing each additional unit falls.
How does a company recognize that they've achieved economies of scale or diseconomies of scale?
They can recognise this by seeing that, when quantity is changed, the unit cost of production is falling or increasing at a changing rate. When there is an economy of scale, the unit cost of production is decreasing with units produced; with diseconomies, it is increasing. This can also be represented mathematically by finding the derivatives of cost functions.
What term is used to describe the production of popular good that will over time efficiencies and reduce production cost?
Economies of Scale
Reduction in cost of a good brought about by increased size of a production facility?
economies of scale
Reduction in cost of a good brought about by increasing size of a production facility?
economies of scale
How does subsidy affect supply?
It decreases cost of production and increases supply.
Is factory supplies a direct cost?
Factory supplies are those items which used in production but not directly related to production of products that's why not part of direct cost rather indirect cost.
Why do green products cost more than non green products?
Production per hectare is very low.
