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BBC Bitesize, [1] also abbreviated to Bitesize, is the BBC's free online study support resource for school-age pupils in the United Kingdom. It is designed to aid pupils in both schoolwork and, for older pupils, exams .
In other words, returns to scale analysis is a long-term theory because a company can only change the scale of production in the long run by changing factors of production, such as building new facilities, investing in new machinery, or improving technology. There are three possible types of returns to scale:
If the inputs are indivisible and complementary, a small scale may be subject to idle times or to the underutilization of the productive capacity of some sub-processes. A higher production scale can make the different production capacities compatible. The reduction in machinery idle times is crucial in the case of a high cost of machinery. [10]
Karl Marx outlined the inherent tendency of capitalism towards overproduction in his seminal work Das Kapital.. According to Marx, in capitalism, improvements in technology and rising levels of productivity increase the amount of material wealth (or use values) in society while simultaneously diminishing the economic value of this wealth, thereby lowering the rate of profit—a tendency that ...
If the production set Y can be represented by a production function F whose argument is the input subvector of a production vector, then increasing returns to scale are available if F(λy) > λF(y) for all λ > 1 and F(λy) < λF(y) for all λ<1. A converse condition can be stated for decreasing returns to scale.
In addition to the neoclassical focus on efficient allocation, ecological economics emphasizes sustainability of scale and just distribution. Ecological economics also differ from neoclassical theories in its definitions of factors of production, replacing them with the following: [15] [16] Matter — the material from which products are produced.
Supply chain as connected supply and demand curves. In microeconomics, supply and demand is an economic model of price determination in a market.It postulates that, holding all else equal, the unit price for a particular good or other traded item in a perfectly competitive market, will vary until it settles at the market-clearing price, where the quantity demanded equals the quantity supplied ...
BBC Online, formerly known as BBCi, is the BBC's online service. It is a large network of websites including such high-profile sites as BBC News and Sport, the on-demand video and radio services branded BBC iPlayer and BBC Sounds, the children's sites CBBC and CBeebies, and learning services such as Bitesize and Own It.