Get CIMA Revision Cards: Economics for Business PDF

By Steve Adams

CIMA Revision playing cards are the single fabrics written and recommended by means of CIMA. they supply succinct yet entire assurance of all of the significant issues of the recent CIMA 2005 syllabus. The pocket-sized, spiral-bound structure permits them to be carried round simply, making them beneficial assets at any place you're. Diagrams and bulleted lists are used all through to demonstrate the main issues as essentially and concisely as attainable. This simplifies the syllabus and makes the issues effortless to benefit and take into accout. CIMA Revision playing cards supply: * examination counsel and tricks * A precis of all of the key issues of the hot syllabus* visible aids to consolidate studying * examination concentrated, pocket sized revision publications summarising the major issues of the recent CIMA syllabus * Diagrams and tables all through toughen key suggestions and reduction reminiscence retention and keep in mind * simply transportable measurement

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Study tip The diagram opposite illustrates the long run average cost curve, Remember, some firms may never reach the point where the LRAC begins to rise. 28 ————————————————————————————————————————— –––––––––––––––––––––––––––– The Market System and the Competitive Process Costs and supply K K Economies of scale Long run costs will fall if there are economies of scale present. , same number of directors, even when the business grows. Definition Economies of scale are all those processes that lead to a fall in the average costs of production, as the scale of output is increased in the long run.

Same number of directors, even when the business grows. Definition Economies of scale are all those processes that lead to a fall in the average costs of production, as the scale of output is increased in the long run. Remember this! Economies of scale are only concerned with costs, never with sales and revenue. Just because costs fall as output rises does not mean that profits will rise. The business may not be able to sell the extra output! 29 ————————————————————————————————————————— The Market System and the Competitive Process Costs and supply K K Diseconomies of scale At some point average costs may rise as the business increases the scale of its output.

Any profit above this level is called excess or abnormal profit. And also Businesses may have objectives other than profit: security, growth, market share. 27 ————————————————————————————————————————— The Market System and the Competitive Process Costs and supply K K K Long run costs ‘Normal’ long-run AC curve In the long run, all factors are variable, so the law of diminishing returns to a fixed factor does not apply. The long run average cost curve (LRAC) is a combination of short run average cost curves (SRAC).

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