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Economies of scale is related to and can easily be confused with the theoretical economic notion of returns to scale. Where economies of scale refer to a firm's costs, returns to scale describe the relationship between inputs and outputs in a long-run (all inputs variable) production function.
External economies of scale result from an increase in the productivity of an entire industry, region, or economy due to factors outside of an individual company. There are three sources of external economies of scale: input sharing, labor market pooling, and knowledge spillovers (Marshall, 1920). [1] Localization economies occur when an ...
For larger households, each additional adult is given a smaller value of 0.5 to reflect the economies of scale achieved when people live together, arising when households share resources such as water and electricity, which reduces living costs per person. Children under the age of 14 are given a value of 0.3 to take account of their lower ...
Women are irrational, unfit economic agents, and cannot be trusted to make the right economic decisions. Feminist economists also examine early economic thinkers' interaction or lack of interaction with gender and women's issues, showing examples of women's historical engagement with economic thought.
The hallmark of the ‘big-push’ approach lies in the reaping of external economies through the simultaneous installation of a host of technically interdependent industries. But before that could become possible, we have to overcome the economic indivisibilities by moving forward by a certain “minimum indivisible step”.
Computational economics uses computer-based economic modeling to solve analytically and statistically formulated economic problems. A research program, to that end, is agent-based computational economics (ACE), the computational study of economic processes, including whole economies, as dynamic systems of interacting agents. [4]
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Scope economies, or economies of scope, describe the aspect of production wherein cost savings result from the scope of an enterprise, as opposed to its scale (see economies of scale). Meaning, there are economies of scope where it is less expensive for firms to combine two or more product lines into one, than it is to produce each product ...