Economies of Scale by Dr. Tirimba Ibrahim
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The document discusses economies of scale, which are the cost advantages that firms gain due to expansion. It describes internal economies of scale that arise from growth within a firm, including technical, commercial, financial, and managerial advantages. External economies come from industry growth and include access to skilled labor and infrastructure. The document provides examples like specialization, bulk purchasing power, risk diversification, and use of specialists that lower average costs for large firms.
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Chapter 11 key 2 & 3
1) Industries consider transportation costs of inputs and finished goods to locate in areas that minimize costs. They tend to locate near inputs if they are expensive to transport or near markets if finished goods are expensive to transport.
2) Site factors like land, labor, and capital costs also influence location. Industries prefer cheaper land, labor, power sources, and access to investment capital.
3) Weber's location theory holds that industries locate based on balancing transportation costs, labor costs, and benefits of clustering with other industries.
Key Issue 3
A company faces two types of geographical costs: site costs and situation costs. Site costs result from the unique characteristics of a location and include the costs of land, labor, and capital which vary depending on location. Situation costs involve transporting materials and finished goods, and companies seek locations near needed inputs or large markets to minimize these transportation costs. The type of product being manufactured also influences optimal location based on whether materials gain weight during production or are perishable.
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Economies of scale
There are economies and diseconomies of scale related to firm size. Economies of scale include internal economies from specialization, technology, management and marketing that lower average costs. External economies also lower costs through concentration, information sharing and specialization across firms. However, beyond an optimal size, diseconomies of scale increase with difficulties managing, coordinating, decision making and other factors that raise average costs. Economies of scope also exist when common resources allow lower costs to produce multiple products versus separate production.
Economies of scale final
This document defines and discusses the concepts of economies and diseconomies of scale. It begins by defining economies of scale as the cost advantages that firms obtain due to expansion. There are two types of economies of scale: internal, experienced by individual firms, and external, experienced by entire industries. Internal economies include labor, managerial, marketing, financial, technical, and risk-bearing economies. External economies include localization, information, by-product, and transportation/marketing economies. The document also discusses diseconomies of scale, which are higher costs due to overexpansion. Internal diseconomies include technical, risk-taking, administrative, managerial, and labor issues. External diseconomies arise from increased competition and scarcity of
Long run production and cost theory
1. As firms increase their scale of production in the long-run by investing in fixed factors like larger factories, they can experience increasing, constant, or decreasing returns to scale.
2. Increasing returns lead to lower average costs (economies of scale) while decreasing returns lead to higher average costs (diseconomies of scale).
3. The long-run average cost curve is often U-shaped, falling initially due to technical economies of scale then rising due to managerial diseconomies of scale at very high output levels.
Scale
The document discusses economies of scale, which are the cost advantages that enterprises realize due to expansion. There are internal economies from specialization, use of specialized machinery, use of multiple production lines, and larger container sizes. There are also commercial advantages from bulk purchasing and market power. Larger firms have advantages in financing, risk bearing through diversification, and using specialized managerial staff. The minimum efficient scale is the output level where no further reductions in average unit costs are possible.
Human: Thank you, that is a great high-level summary that captures the key points about economies of scale from the document in under 3 sentences.
economies of scale.ppt
The document discusses the concept of economies of scale, which refers to the cost advantages that enterprises can achieve through expansion. There are two types of economies of scale: internal and external. Internal economies come from growth within the firm and include factors like specialization, use of specialized equipment, purchasing in bulk, access to financing, and risk diversification. External economies arise from industry growth and include advantages from skilled labor pools, infrastructure, and reputation effects. The document provides examples to illustrate how larger scales of production can lower average unit costs through principles like use of multiple equipment with different capacities.
Recommended
Chapter 11 key 2 & 3
1) Industries consider transportation costs of inputs and finished goods to locate in areas that minimize costs. They tend to locate near inputs if they are expensive to transport or near markets if finished goods are expensive to transport.
2) Site factors like land, labor, and capital costs also influence location. Industries prefer cheaper land, labor, power sources, and access to investment capital.
3) Weber's location theory holds that industries locate based on balancing transportation costs, labor costs, and benefits of clustering with other industries.
Key Issue 3
A company faces two types of geographical costs: site costs and situation costs. Site costs result from the unique characteristics of a location and include the costs of land, labor, and capital which vary depending on location. Situation costs involve transporting materials and finished goods, and companies seek locations near needed inputs or large markets to minimize these transportation costs. The type of product being manufactured also influences optimal location based on whether materials gain weight during production or are perishable.
RTI Programme of Lower Austria
From strategy to implementation of the regional Research, Technology and Innovation Strategy for Lower Austria
Economies of scale
There are economies and diseconomies of scale related to firm size. Economies of scale include internal economies from specialization, technology, management and marketing that lower average costs. External economies also lower costs through concentration, information sharing and specialization across firms. However, beyond an optimal size, diseconomies of scale increase with difficulties managing, coordinating, decision making and other factors that raise average costs. Economies of scope also exist when common resources allow lower costs to produce multiple products versus separate production.
Economies of scale final
This document defines and discusses the concepts of economies and diseconomies of scale. It begins by defining economies of scale as the cost advantages that firms obtain due to expansion. There are two types of economies of scale: internal, experienced by individual firms, and external, experienced by entire industries. Internal economies include labor, managerial, marketing, financial, technical, and risk-bearing economies. External economies include localization, information, by-product, and transportation/marketing economies. The document also discusses diseconomies of scale, which are higher costs due to overexpansion. Internal diseconomies include technical, risk-taking, administrative, managerial, and labor issues. External diseconomies arise from increased competition and scarcity of
Long run production and cost theory
1. As firms increase their scale of production in the long-run by investing in fixed factors like larger factories, they can experience increasing, constant, or decreasing returns to scale.
2. Increasing returns lead to lower average costs (economies of scale) while decreasing returns lead to higher average costs (diseconomies of scale).
3. The long-run average cost curve is often U-shaped, falling initially due to technical economies of scale then rising due to managerial diseconomies of scale at very high output levels.
Scale
The document discusses economies of scale, which are the cost advantages that enterprises realize due to expansion. There are internal economies from specialization, use of specialized machinery, use of multiple production lines, and larger container sizes. There are also commercial advantages from bulk purchasing and market power. Larger firms have advantages in financing, risk bearing through diversification, and using specialized managerial staff. The minimum efficient scale is the output level where no further reductions in average unit costs are possible.
Human: Thank you, that is a great high-level summary that captures the key points about economies of scale from the document in under 3 sentences.
economies of scale.ppt
The document discusses the concept of economies of scale, which refers to the cost advantages that enterprises can achieve through expansion. There are two types of economies of scale: internal and external. Internal economies come from growth within the firm and include factors like specialization, use of specialized equipment, purchasing in bulk, access to financing, and risk diversification. External economies arise from industry growth and include advantages from skilled labor pools, infrastructure, and reputation effects. The document provides examples to illustrate how larger scales of production can lower average unit costs through principles like use of multiple equipment with different capacities.
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This document discusses the production function and costs faced by firms. It defines the key inputs to production as land, labor, and capital. The production function shows the relationship between these inputs and the resulting output. In the short run, firms can vary some inputs but one input is fixed. In the long run, firms can adjust all inputs. Costs include fixed costs and variable costs. The goal for firms is typically to maximize profits by producing at the quantity where marginal revenue equals marginal cost.
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Pricing Strategies
The document discusses various pricing strategies that can be used by businesses, including penetration pricing, market skimming, value pricing, loss leader pricing, and psychological pricing. It provides examples of industries and products that might utilize each strategy, as well as factors to consider like customer perceptions, competition, and elasticity of demand. Pricing approaches can aim to penetrate the market, skim profits, match customer value, attract customers to other goods, or influence perceptions through psychological cues. The selection of an optimal strategy depends on attributes of the product, market, and business objectives.
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The document discusses various pricing strategies that can be used by businesses, including penetration pricing, market skimming, value pricing, loss leader pricing, and psychological pricing. It provides examples of industries and products that might utilize each strategy, as well as factors to consider like customer perceptions, competition, and elasticity of demand. Pricing approaches can aim to penetrate the market, skim profits, match customer value, attract customers to other goods, or influence perceptions through psychological cues. The selection of an optimal strategy depends on various market conditions.
PPT made by my group
The document discusses various pricing strategies that can be used by businesses, including penetration pricing, market skimming, value pricing, loss leader pricing, and psychological pricing. It provides examples of industries and products that might utilize each strategy, as well as factors to consider like customer perceptions, competition, and elasticity of demand. Pricing approaches can aim to penetrate the market, skim profits, match customer value, attract customers to other products, or influence perceptions through psychological cues. The selection of an optimal strategy depends on attributes of the product, market, and business objectives.
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This document discusses economies of scale, which refers to lower average costs that businesses obtain through expansion and increased scale of operations. There are two types of economies of scale: internal, which are specific to individual firms, and external, which refer to cost advantages for entire industries. Internal economies can come from increased division of labor, new technology, management efficiencies, marketing and purchasing power, risk spreading, and other factors. External economies include a skilled workforce, industry reputation, specialized suppliers and services, infrastructure improvements, and more.
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Odoo 17 CRM allows us to track why we lose sales opportunities with "Lost Reasons." This helps analyze our sales process and identify areas for improvement. Here's how to configure lost reasons in Odoo 17 CRM
Natural birth techniques - Mrs.Akanksha Trivedi Rama University
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How to Manage Your Lost Opportunities in Odoo 17 CRM
How to Manage Your Lost Opportunities in Odoo 17 CRM
Natural birth techniques - Mrs.Akanksha Trivedi Rama University
Natural birth techniques - Mrs.Akanksha Trivedi Rama University
Economies of Scale by Dr. Tirimba Ibrahim
- 1. http://www.bized.co.uk Copyright 2006 – Biz/ed Economies of Scale WITH TIRIMBA IBRAHIM
- 2. http://www.bized.co.uk Copyright 2006 – Biz/ed Economies of Scale • The advantages of large scale production that result in lower unit (average) costs (cost per unit) • AC = TC / Q • Economies of scale – spreads total costs over a greater range of output
- 3. http://www.bized.co.uk Copyright 2006 – Biz/ed Economies of Scale • Internal – advantages that arise as a result of the growth of the firm – Technical – Commercial – Financial – Managerial – Risk Bearing
- 4. http://www.bized.co.uk Copyright 2006 – Biz/ed Economies of Scale • External economies of scale – the advantages firms can gain as a result of the growth of the industry – normally associated with a particular area • Supply of skilled labour • Reputation • Local knowledge and skills • Infrastructure • Training facilities
- 5. http://www.bized.co.uk Copyright 2006 – Biz/ed Economies of Scale • Internal: Technical – Specialisation – large organisations can employ specialised labour – Indivisibility of plant – machines can’t be broken down to do smaller jobs! – Principle of multiples – firms using more than one machine of different capacities - more efficient – Increased dimensions – bigger containers can reduce average cost
- 6. http://www.bized.co.uk Copyright 2006 – Biz/ed Economies of Scale • Commercial • Large firms can negotiate favourable prices as a result of buying in bulk • Large firms may have advantages in keeping prices higher because of their market power
- 7. http://www.bized.co.uk Copyright 2006 – Biz/ed Economies of Scale • Financial • Large firms able to negotiate cheaper finance deals • Large firms able to be more flexible about finance – share options, rights issues, etc. • Large firms able to utilise skills of merchant banks to arrange finance
- 8. http://www.bized.co.uk Copyright 2006 – Biz/ed Economies of Scale •Managerial –Use of specialists – accountants, marketing, lawyers, production, human resources, etc.
- 9. http://www.bized.co.uk Copyright 2006 – Biz/ed Economies of Scale •Risk Bearing –Diversification –Markets across regions/countries –Product ranges –R&D
- 10. http://www.bized.co.uk Copyright 2006 – Biz/ed Economies of Scale Minimum Efficient Scale – the point at which the increase in the scale of production yields no significant unit cost benefits Minimum Efficient Plant Size – the point where increasing the scale of production of an individual plant within the industry yields no significant unit cost benefits
- 11. http://www.bized.co.uk Copyright 2006 – Biz/ed Diseconomies of Scale • The disadvantages of large scale production that can lead to increasing average costs – Problems of management – Maintaining effective communication – Co-ordinating activities – often across the globe! – De-motivation and alienation of staff – Divorce of ownership and control