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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.
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What is the Meaning of Structure of Nigeria Economy?
The Structure of Nigeria Economy means, how resources are woned and how Production, Distribution and Consumption are managed in Nigeria.
Discuss whether economic efficiency as described in text books is likely to be able to be achieved in practice?
Economic efficiency is said to be achieved when both the conditions of productive and allocative efficiency are fulfilled. Productive efficiency arises when productin is carried out at lowest cost, i.e, at minimum average cost. On the other hand allocative efficiency arises when resources are allocated to teh production of those goods and services which consumers demand the most. This efficiency arises when price is equal to teh marginal cost of the good or service. Economic efficiency exists in the idealistic perfect market model of perfect competition. However this market structure barely exists. Imperfections exist in all markets. Moreover even if a market is eficient there may be a misallocation of resources which does not give rise to wellbeing of the economy. Hence economic efficiency does not necessarily lead to welfare economics.
What was not the result of use of he assembly line?
The use of the assembly line did not result in a decrease in production costs for all industries. While it significantly increased efficiency and output in manufacturing, some sectors experienced challenges in adapting to the rigid structure of assembly lines. Additionally, it did not eliminate the need for skilled labor entirely; rather, it transformed the nature of work and required different skills.
What is the average fixed cost and how does it impact the overall cost structure of a business?
The average fixed cost is the total fixed costs divided by the quantity of output produced. It represents the cost per unit of production that does not change with the level of output. Fixed costs impact the overall cost structure of a business by influencing the breakeven point and determining the minimum level of production needed to cover these costs. Businesses with high fixed costs may have higher breakeven points and require higher levels of production to achieve profitability.
How is the word 'business' defined in economics?
A business is a social structure of human beings collectively who engage in the production, distribution, or sale of goods or services in an attempt to earn a profit.
What is structural Efficiency?
Structural Efficiency= Maximum Mass Supported _______________________ (Divided By) Mass of Structure
How do you define structural efficiency score?
If you want to find the structural efficiency the equation for structural efficiency is: maxmum mass the structure can withstand divided by the structure mass.
What role do you think organisational structure plays in an organizational efficiency and effectiveness?
What role do you think organizational structure plays in an organization's efficiency and effectiveness? Explain.
What is the unit used for structural efficiency?
There is not supposed to be a unit. Its just a number. Example: the structure can hold 6kg. the structure is 2kg. The Structural efficiency is 3 (no unit)
Can there be a middle economic way between capitalism and communism or capitalism and socialism?
No. Capitalism means a tiny class of capitalists own the means of production, most people have to work for wages, and production takes place for sale at a profit. Socialism and Communism are the same: the means of production belong to everyone and production takes place to meet human need.
What is the difference between a matrix structure and a organisational structure?
the difference between an organisational structure and a matrix structure is that a matrix structure is a combined structure whereas an organisational structure is in a vertical order and has different levels.
What does it mean when a structure has high structural efficiency?
High structural efficiency is a sign of a strong, relatively light design.
What is the difference between allocation and search data structure?
difference between serch data structure and allocation data structure
Difference between tall and flat organization structure?
There does not have to be a difference between a tall organization structure and a flat organization structure. These structures can be the same structure.
What is the difference between the function of an organ and the structure of an organ?
the difference is ,a structure is where it is placed and the function is what it daos
What is the difference between the structure of an organ and the function the organ?
the difference is ,a structure is where it is placed and the function is what it daos
What is the difference between the structure of an organ and function of an organ?
the difference is ,a structure is where it is placed and the function is what it daos
