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Explain one economies of scale that a firm may enjoy when it expands its production scale.

1. Technical economies of sale: Large firms can utilize more fully the machines and plant equitments and thus reduce the average cost.

2.Managerial economies of scale: A large firm with a...

Answered by Chun Yin L. • Economics tutor

2858 Views

Explain one reason why governments impose indirect taxes.

Indirect taxes are imposed on expenditure. They raise a firm's cost of production, which causes an upward shift in the supply curve of the firm. Indirect taxes can be specific or ad valorem: specific t...

Answered by Lydia H. • Economics tutor

49243 Views

What is price elasticity of demand, and how can it affect the decisions of retailers?

Price Elasticity of Demand refers to the extent to which demand for a product will change in response to a change in its price.

If PED is 'elastic' this means that any given change in pri...

Answered by Adrian G. • Economics tutor

9289 Views

What are the causes and effects of globalisation?

Isolate/Define key terms

- globalisation

- causes

- effects - split into benefits and costs

1. Causes of Globalisation

Answered by Tom G. • Economics tutor

14573 Views

What is the best market structure?

In Economics, we tend to think of "best" as synonymous with "most efficient." There are many different types of efficiency, but the most important of them are allocative and product...

Answered by Daniel E. • Economics tutor

27931 Views