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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 10: Utility and Demand | Unit 5: Beyond Demand Page: 18 of 21

Topic: Many Choices <=PAGE BACK | PAGE NEXT=>

  • As consumers we are concerned with all sorts of decisions.
  • Consumer demand theory, utility, and the law of diminishing marginal utility play a key part in these decisions.

  • Consumer demand theory also helps explain why you might...
    • Watch Gilligan's Island rather than Star Trek.
    • Watch Gilligan's Island rather than reading a book.
    • Hang out with friends watching Gilligan's Island the night before an exam rather than studying.
    • Vote in major Presidential elections but not in local referendums.
    • Steal hundreds of dollars of office supplies from your work over a period of years.
    • Stop on a highway to help a complete stranger fix a flat tire.

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PERFECT COMPETITION, SHORT-RUN PRODUCTION ANALYSIS

A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This production level can be identified using total revenue and cost, marginal revenue and cost, or profit. Because a perfectly competitive firm faces a perfectly elastic demand curve, it efficiently allocates resources by equating price and marginal cost. In addition, the marginal cost curve above the average variable cost curve is the perfectly competitive firm's short-run supply curve.

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Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either a T-shirt commemorating the 2000 Presidential election or a really, really exciting, action-filled video game. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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