Distinguish between diminishing returns and economies of scale (15 marks) In Business Economics‚ the short run is defined as the concept that within a certain period of time‚ in the future‚ at least one input is fixed while others are variable and the long run is defined as a period of time in which all factors of production and costs are variable. The law of diminishing returns is a short run concept‚ which states that increasing successive units of a variable factor to a fixed factor
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ADVANTAGES Plastic is very useful in the building and construction‚ electronics (laptops wouldn’t work well if they were made from glass)‚ packaging (gladwrap)‚ transportation industries. Very easy to make - water bottles‚ plastic bags‚ pens‚ cups etc etc The main advantages of plastic materials are also the reason why plastic is such a problem. It lasts forever and it is very cheap to make. When I say it last forever‚ I mean it does not biodegrade. There is a flotilla of plastic the
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One advantage of economic globalisation comes from the free trade. “Two nations can benefit from free trade by specializing in producing those products in which they enjoy a comparative advantage” (Case & Fair 2004‚ p.716). A country enjoys a comparative advantage in the manufacturing of a good if the production has a lower opportunity cost than it would have if produced in other country. When specialization takes place in a production‚ the production will become more efficient. It is due to research
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Nowadays many people all over the world spent most of their free time watching television; but since its appearance‚ television has brought to man many advantages as well as disadvantages. Television plays an important role in our daily activities: it keeps us informed about all the current affairs in the world. Television helps us in broadening Our knowledge in many ways. Through language teaching programs‚ we can learn the language we like such as: English‚ French‚ German‚ Chinese‚ Japanese
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reference to a court of law. With this‚ the controversial question regarding the advantages and disadvantages of arbitration over litigation has occurred by also bringing along two different perspectives as to the issue in question. There are some several major advantages that make arbitration a more desirable and preferable method as a dispute resolution rather than litigation. Although there are some disadvantages of arbitration that are needed to be taken in to consideration by parties before
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Advantages and Disadvantages of Microsoft. Nicole Hartman- Vasquez I have researched the different alternatives to products besides using the very familiar Microsoft Product line. There are many different products‚ and names to choose from for home and office and Each has had great feedback as well as not costing as much to maintain or costing nothing at all. Before Starting this information‚ I thought that Microsoft was really the only
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The advantages and disadvantages of internet With the expansion of high-technology‚ the use of internet is spreading at a rapid pace. Although many people firmly believe that the invention of internet is by no means beneficial‚ I still consent that it has pros and cons‚ thus should be viewed in both aspects. First and for most‚ internet has completely altered the mode of communication. In the past‚ letters and telegrams were mostly used for distanted contact. Later telephones became dominant‚ but
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Contents 1 Definition of Franchising 2 Businesses for which franchising works best 3 Advantages 4 Disadvantages Definition of Franchising Franchising refers to the method of practicing and using another persons philosophy of business. The "franchisor" authorizes the proven methods and trademarks of his business to the "franchisee" for a fee and a percentage of gross monthly sales. Various tangibles and intangibles such as national or international advertising‚ training‚ and other support
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1 HSC PHYSICS > MOTORS AND GENERATORS| AC & DC Gather secondary information to discuss the advantages and disadvantages of AC and DC generators and relate these to their use. AC generators Advantages The slip rings of an AC generator have a continuous surface that allows the brushes to remain in contact with the ring’s surface. Thus the brushes in an AC generator do not wear out as fast as in a DC generator as they do not create an electric short circuit every half-turn. Therefore
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food for all. For this purpose the use of chemical fertilizers and pesticides has been very high. Though satisfactory crop yield is obtained by the application of chemical fertilizers and pesticides‚ their use brings out certain disadvantages. These include pollution of large water resources‚ destruction of microorganisms‚ acidity of the soil and reduction in soil fertility etc. In recent years scientists have found an alternative way to deal with this deleterious effect of chemical pesticides. Currently
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