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What is a technicality?
What are technical economies of scale?
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Which factors lead to a technical economy of scale?
What does it mean if a person was released on a technicality?
What technicalities do we need to demonstrate the law?
a decision based only on a specific rule or rules and not on any other consideration: The case was dismissed on a technicality and will be retried at a later date. (Definition of technicality from the Cambridge Academic Content Dictionary © Cambridge University Press) Examples of technicality. technicality.
- English (US)
TECHNICALITY meaning: 1. a detail or small matter: 2. a...
- Znaczenie Technicality, Definicja W Cambridge English Dictionary
technicality definicja: 1. a detail or small matter: 2. a...
- Traditional
TECHNICALITY translate: 細則，細節，小事. Learn more in the...
- Technicality in Polish
TECHNICALITY translate: szczegół (techniczny lub prawny),...
- Translate English to Spanish
TECHNICALITY translate: detalle técnico, tecnicismo,...
- Technicality in Simplified Chinese
TECHNICALITY translate: 细则，细节，小事. Learn more in the...
- Translate English to Russian
TECHNICALITY translate: техническая деталь, формальность ....
- English (US)
Sep 19, 2023 · Technical Economies: These occur when a firm can produce goods or services more efficiently as it increases its scale of production. Factors such as specialization of labor, better utilization of machinery, and improved production processes can lead to technical economies of scale.
- Productive Efficiency
- Allocative Efficiency
- X Inefficiency
- Efficiency of Scale
- Dynamic Efficiency
- Social Efficiency
- Technical Efficiency
- Pareto Efficiency
- Distributive Efficiency
This occurs when the maximum number of goods and services are produced with a given amount of inputs. This will occur on the production possibility frontier. On the curve, it is impossible to produce more goods without producing fewer services. Productive efficiency will also occur at the lowest point on the firm’s average costs curve. (Q1) See: Pr...
This occurs when goods and services are distributed according to consumer preferences. An economy could be productively efficient but produce goods people don’t need this would be allocative inefficient. Allocative efficiency occurs when the price of the good = the MC of production. This occurs at an output of 80, where price £11 = MC. At an output...
This occurs when firms do not have incentives to cut costs, for example, a monopoly which makes supernormal profits may have little incentive to get rid of surplus labour. If a firm’s average costs are higher than potential – then we are x-inefficient. See: X Inefficiency
This occurs when the firms produce on the lowest point of its long-run average cost (Q2) and therefore benefits fully from economies of scale
This refers to efficiency over time, for example, a Ford factory in 2010 may be very efficient for the time period, but by 2017, it could have lost this relative advantage and by comparison, would now be inefficient. Dynamic efficiency involves the introduction of new technology and working practices to reduce costs over time. 1. Dynamic efficiency...
This occurs when externalities are taken into consideration and occurs at an output where the social cost of production (SMC) = the social benefit (SMB) Social efficiency occurs at an output of 16 – where SMB = SMC See: Social efficiency
This requires the optimum combination of factor inputs to produce a good: it is related to productive efficiency. See: Technical efficiency
A situation where resources are distributed in the most efficient way. It is defined as a situation where it is not possible to make one party better off without making another party worse off. See: Pareto efficiency
Concerned with allocating goods and services according to who needs them most. Therefore, requires an equitable distribution. See: Distributive efficiency Related 1. Efficiency vs Equity
- Specialization and division of labour.
- Technical.
- Bulk buying If you buy a large quantity, then the average costs will be lower. This is because of lower transport costs and less packaging. This is why supermarkets get lower prices from suppliers than local corner shops.
- Spreading overheads If a firm merged, it could rationalise its operational centres. E.g. it could have one head office rather than two.
What does the noun technicality mean? There are three meanings listed in OED's entry for the noun technicality . See ‘Meaning & use’ for definitions, usage, and quotation evidence.
A technicality is a point, especially a legal one, that is based on a strict interpretation of the law or of a set of rules but that may seem unimportant compared to a larger issue. [...]
Definition of technicality noun in Oxford Advanced Learner's Dictionary. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more.
