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AGGLOMERATION ECONOMIES: A reduction in production cost the results when related firms locate near one another. Firms can be related as competitors in the same industry, by using the same inputs, or through providing output to the same demographic group. The fashion industry, for example, experiences agglomeration economies because they can share specialized inputs (photographers, models) that would be too expensive to employ full time. Retail stores have agglomeration economies when located in shopping malls because they have access to a large group of potential customers with lower advertising cost. Agglomeration economies is given as one of the primary reasons for the emergence of urban areas.

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Lesson 12: Elasticity and Demand | Unit 3: Measurement Page: 13 of 25

Topic: Slope And Elasticity <=PAGE BACK | PAGE NEXT=>

  • At first glance, it would seem that a demand curve with constant slope would also have constant elasticity. But this is apparently NOT the case. Why?

    • First and foremost, slope measures the change of price relative to a change in quantity.

    • Second, but also important, slope is measured in specific units (cents per minute), whereas elasticity is measured as percentage changes, with no specific units.

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LONG-RUN PRODUCTION ANALYSIS

An analysis of the production decision made by a firm in the long run. The central characteristic of long-run production analysis is that all inputs under the control of the firm are variable. The central principle guiding production in the long run is returns to scale, which indicates how production responds to proportional changes in all inputs. A contrasting analysis is short-run production analysis.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a blue mechanical pencil or super soft, super cuddly, stuffed animals. Be on the lookout for strangers with large satchels of used undergarments.
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In the early 1900s around 300 automobile companies operated in the United States.
"I do not believe in a fate that will fall on us no matter what we do. I do believe in a fate that will fall on us if we do nothing. "

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