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The structure of costs in the long runKey points A production technology is the specific combination of labor, physical capital, and technology that makes up a particular method of production. In the long run, firms can choose their production technology, so all costs become variable costs. Economies of scale refers to a situation where the average cost decreases as...0 Comments 0 Shares 5K Views 0 Reviews
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The structure of costs in the long runKey points A production technology is the specific combination of labor, physical capital, and technology that makes up a particular method of production. In the long run, firms can choose their production technology, so all costs become variable costs. Economies of scale refers to a situation where the average cost decreases as the level of output...0 Comments 0 Shares 4K Views 0 Reviews
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The structure of costs in the long runKey points A production technology is the specific combination of labor, physical capital, and technology that makes up a particular method of production. In the long run, firms can choose their production technology, so all costs become variable costs. Economies of scale refers to a situation where the average cost decreases as the level of output...0 Comments 0 Shares 5K Views 0 Reviews
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The structure of costs in the short runKey points Looked at from a short-run perspective, a firm’s total costs can be divided into fixed costs, which a firm must incur before producing any output, and variable costs, which the firm incurs in the act of producing. Fixed costs are sunk costs—because they are in the past and cannot be altered, they should play no role in economic decisions...0 Comments 0 Shares 5K Views 0 Reviews
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The structure of costs in the short runKey points Looked at from a short-run perspective, a firm’s total costs can be divided into fixed costs, which a firm must incur before producing any output, and variable costs, which the firm incurs in the act of producing. Fixed costs are sunk costs—because they are in the past and cannot be altered, they should play no role in economic decisions...0 Comments 0 Shares 4K Views 0 Reviews
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The structure of costs in the short runKey points Looked at from a short-run perspective, a firm’s total costs can be divided into fixed costs, which a firm must incur before producing any output, and variable costs, which the firm incurs in the act of producing. Fixed costs are sunk costs—because they are in the past and cannot be altered, they should play no role in economic decisions...0 Comments 0 Shares 4K Views 0 Reviews
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What is corporate culture and why do organizations need it?What is corporate culture and why do organizations need it? The concept of corporate culture in simple words Corporate culture is the traditions and standards by which all processes in the company take place. It can include everything that makes up the individuality of the business, from the manner of communication between employees and the presence of a dress code, to the logo,...0 Comments 0 Shares 8K Views 0 Reviews
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What is financial planning, why is it needed and how to do it correctlyWhat is financial planning, why is it needed and how to do it correctly Business is like a living organism – anything can happen. Predicting all situations is a utopia, but with a competent approach, you can prepare and calculate a lot. To do this, the company must have competent financial planning. In today's article, we will tell you what financial planning is, why a...0 Comments 0 Shares 18K Views 0 Reviews