Grateful There is a way for you to become content, and that is first to become “content”
Answer:
d. workers are able to specialize in a particular task.
Explanation:
In Microeconomics, economies of scale can be defined as cost reductions or cost advantages that arises when a business entity is increases its production or are large in size.
This ultimately implies that, when an organization chooses a convenient scale of operation or reduce its scale of production, this would lead to a reduction in the cost of production and consequently, some benefits such as lower long-run average cost, increased sales, profits and lower cost price for the consumers of these finished products.
Generally, economies of scale arise when workers are able to specialize in a particular task. This is so because having a good number of professionals and experts would increase the level of production or output, as they are quite conversant with the best method of production, time management and efficiency.
Answer:
The correct answer is letter "A": relatively elastic.
Explanation:
Elasticity is the characteristic certain goods and services have of experiencing changes in quantity demanded as the prices change. Price elasticity of demand is calculated by dividing the percentage change in quantity demanded by the percentage change in price. If the result is equal to or greater than 1, the demand is elastic.
Demand is relatively elastic when small changes in prices cause large changes in quantity demanded. This happens when the goods or services in reference have many substitutes and the cost of switching providers is low.
Thus, <em>if a 1% change in the price of a given product changes its quantity demanded by more than 1%, the product is relatively elastic.</em>
