Examples of minimum efficient scale in the following topics:
-
- Industrial firms focused on production orientation models that exploited economies of scale to reach maximum efficiency at the lowest cost.
- Economies of scale posits that by driving efficiency, companies (particularly production-oriented organizations) will realize significant cost advantages as they expand operations.
- In theory, such organizations can ramp up production until the minimum efficient scale is reached.
- Some common sources of economies of scale include:
- Technological - taking advantage of returns to scale in the production function
-
- Thus, this signifies a firm exploiting economies of scale until the minimum efficient scale is reached.
-
- Countries engage in international trade to focus on producing goods most efficiently and to achieve economies of scale in production.
- Nations can benefit from their differences by reaching agreements in which each party contributes its strengths and focuses on producing goods efficiently.
- Second, countries trade to achieve economies of scale in production.
- If each country produces only a limited range of goods, it can produce each of these goods at a larger scale and hence more efficiently than if it tried to produce everything.
- Proposed and practiced fair trade policies vary widely, ranging from the common prohibition of goods made using slave labor, to minimum price support schemes such as those for coffee in the 1980s.
-
- Absolute zero is the coldest possible temperature; formally, it is the temperature at which entropy reaches its minimum value.
- Formally, it is the temperature at which entropy reaches its minimum value.
- The zero point of a thermodynamic temperature scale, such as the Kelvin scale, is set at absolute zero.
- By international agreement, absolute zero is defined as 0K on the Kelvin scale and as -273.15° on the Celsius scale (equivalent to -459.67° on the Fahrenheit scale).
- A brief introduction to temperature and temperature scales for students studying thermal physics or thermodynamics.
-
- The Fair Labor Standards Act of 1938 established a national minimum wage, forbade "oppressive" child labor, and provided for overtime pay in designated occupations.
- Police officers, fire fighters, paramedics, and other first responders are also entitled to overtime wages and minimum wage pay.
- It declared the goal of assuring "a minimum standard of living necessary for the health, efficiency, and general well-being of workers."
- Covered nonexempt workers are entitled to a minimum wage of not less than $7.25 per hour effective July 24, 2009.
- This graph of the minimum wage in the United States shows the fluctuation in government guarantees for minimum standards of labor.
-
- A perfectly competitive market with full property rights is typically efficient.
- In absolute terms, a situation can be called economically efficient if:
- Economists refer to two types of market efficiency.
- This condition is satisfied if the equilibrium quantity is at the minimum point of the average total cost curve.
- A market can be perfectly efficient but highly unequal, for example.
-
- Productive efficiency occurs when the economy is getting maximum output from its resources .
- An equilibrium may be productively efficient without being allocatively efficient.
- However, due to economies of scale, it may be possible for the profit-maximizing level of output of monopolistic companies to occur with a lower price to the consumer than perfectly competitive companies.
- So, consumers may pay less with a monopoly, but a monopolistic market would not achieve productive efficiency.
- Points B, C, and D are productively efficient and point A is not.
-
- Every economic transaction has a buyer and a seller who will only participate is she is receiving at least a minimum benefit.
- An efficient market maximizes total consumer and producer surplus.
- Not all markets are efficient.
- Economists often seek to maximize efficiency, but it is important to contextualize such aims.
- Most commonly, efficiency is contrasted or paired with morality, particularly liberty, and justice.
-
- Economies of scale and network externalities discourage potential competitors from entering a market.
- Economies of scale and network externalities are two types of barrier to entry.
- A natural monopoly arises as a result of economies of scale.
- It becomes most efficient for production to be concentrated in a single firm.
- Define Economies of Scale., Explain why economies of scale are desirable for monopolies
-
- Celsius, or centigrade, is a scale and unit of measurement for temperature.
- Celsius, also known as centigrade, is a scale to measure temperature .
- This definition also precisely relates the Celsius scale to the Kelvin scale, which defines the SI base unit of thermodynamic temperature and which uses the symbol K.
- Absolute zero, the lowest temperature possible (the temperature at which matter reaches minimum entropy), is defined as being precisely 0K and -273.15°C.
- A brief introduction to temperature and temperature scales for students studying thermal physics or thermodynamics.