Managerial Economics PDF

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Dr. Biswojit Swain

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managerial economics economics microeconomics business management

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This document is a set of lecture notes on managerial economics. It covers various concepts such as demand analysis, supply, cost, and market analysis.

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An Introduction to Managerial Economics By: Dr. Biswojit Swain Investme Clients Resourc Partners nt es Table of contents 01 02 Meaning of Economy Problem of an Economy 03...

An Introduction to Managerial Economics By: Dr. Biswojit Swain Investme Clients Resourc Partners nt es Table of contents 01 02 Meaning of Economy Problem of an Economy 03 04 Central Microeconomi Problem of an cs Vs. Economy Macroeconomi cs Sectors of an Economy Primary Sector Secondary Sector Tertiary Sector Primary Sector Secondary Sector Tertiary Sector What is Economics? Economics is the social science that studies how individuals, businesses, governments, and societies make choices about how to allocate scarce resources to satisfy their needs and wants. Economics is broadly divided into two main branches: 1.Microeconomics: Focuses on individual and business decision-making processes and how they interact in specific markets (e.g., pricing, supply and demand, consumer behavior). 2.Macroeconomics: Examines broader economic factors such as national income, inflation, unemployment, and economic growth, looking at the economy as a whole. Managerial Economics Managerial Economics is a branch of economics that applies economic theories, methodologies, and principles to decision- making in business management. It helps managers make better choices by analyzing how economic factors impact business operations, resource allocation, and overall performance. Economic Problem  Economic Problem is a problem of choice involving satisfaction of unlimited wants out of limited resources having alternate uses. Reasons for Economic Problem:  Scarcity of Resources  Unlimited Human Wants  Alternate Uses Central Problems of an Economy What to Produce? How to Produce? For Whom to Produce? Opportunity Cost Opportunity cost is the cost of best alternative foregone. Example Suppose, You are working in a Bank at the Salary of Rs 40,000/- Per month. Suppose, You receive 2 more Job offers. (i) To Work as an executive at Rs 30,000/- per month. (ii)To become a Journalist at Rs 35,000/- per month. What is the opportunity cost of Working in the Bank? Utility Utility refers to want satisfying power of a Commodity. Total Utility Total Utility refers to the total satisfaction obtained from the consumption of all possible units of a commodity. Marginal Utility Marginal Utility is the additional utility derived from the consumption of one more unit of the given commodity. Ice-Creams Consumed Marginal Utility Total Utility 1 20 20 2 16 36 3 10 46 4 4 50 5 0 50 6 -6 44 Law of Diminishing Marginal Utility Law of diminishing marginal utility states that as we consume more and more units of a commodity, the utility derived from each successive unit goes on decreasing. Demand Analysis Demand: Demand is the Quantity of a Commodity that a consumer is willing and able to buy, at each possible price during a given period of time. Determinants of Demand 1. Price of a given commodity 2. Price of related goods 3. Income of the Consumer 4. Tastes and Preferences 5. Expectation of change in the price in Future 6. Season & Weather 7. Size and Composition of Population 8. Distribution of Income Law of Demand Law of demand states the inverse relationship between price and quantity demanded, keeping other factors constant. Price Quantity demanded 5 1 4 2 3 3 2 4 1 5 Exception of Law of Demand 1. Status Symbol Goods 2. Fear Shortage 3. Ignorance 4. Fashion related Goods 5. Necessities of Life 6. Change in Weather Movement along the Demand Curve (Change in Quantity Demanded)  Expansion in Demand  Contraction in Demand Shift in Demand Curve Increase in Demand Decrease in Demand Individual Demand Vs. Market Demand Individual Demand: It is the Quantity demanded of a Commodity by an individual consumer at a given price during a given period of time. Market Demand: It is the quantity demanded of a commodity by all the consumers at a given price during a given period of time. Price Elasticity of Demand Price Elasticity of Demand means the degree of responsiveness of demand for a commodity with reference to change in the price of such commodity. Methods for Measuring Price Elasticity of Demand 1.Percentage Method 2.Proportionate Method Percentage Method Percentage change in Quantity demanded Elasticity of Demand (Ed)= Percentage Change in Price Proportionate Method Q P1 Price Elasticity of Demand= P Q1 Degrees of Elasticities of Demand 1.Perfectly Elastic Demand: When there is an infinite demand at a particular price and demand becomes zero with a straight rise in the price, then demand for such a commodity is said ton be perfectly elastic. Price Demand 30 100 30 200 30 300 2. Perfectly Inelastic Demand When there is no change in demand with change in price, then demand for such a commodity is said to be perfectly inelastic. Price Demand 20 100 30 100 3. Highly Elastic Demand When Percentage change in the quantity demanded is more than percentage change in price, then demand for such a commodity is said to be highly elastic. Price Demand 20 100 10 200 5 400 4. Less Elastic Demand When Percentage change in the quantity demanded is less than percentage change in price, then demand for such a commodity is said to be less elastic. Price Demand 20 100 10 120 5 140 5. Unitary Elastic Demand When percentage change in the quantity demanded is equal to percentage change in price, then demand for such a commodity is said to be unitary elastic. Price Demand 20 100 10 150 Numerical 1.The demand for a good falls to 340 units in response to rise in price by Rs 4/-. If the original demand was 400 units at a price of Rs 20/-, Calculate the price elasticity of demand. Numerical 2. The Market demand for a good at Rs 4/- per unit is 100 units. Due to increase in price, the market demand falls to Rs 75 units. Find out the new price, if the price elasticity of demand is -1. Numerical 3. Price elasticity of demand for a product is unity. A Household buys 25 units of this product at the price of Rs 5/- per unit. If the price of product rises by Rs 1/-, how much quantity of the product will the household buy? Numerical 4. A 5% fall in the price of X leads to 10% rise in the demand for X. A 20% rise in the price of Y leads to 6% fall in the demand for Y. Calculate the price elasticities of demand of X and Y. Out of X and Y, Which commodity is more elastic? Numerical 5. The demand for goods X and Y have equal price elasticity. The demand of X rises from 100 units due to a 20 % fall in its price. Calculate the percentage rise in demand of Y, if its price falls by 8%. Numerical 6. The Percentage change in demand is three times the percentage change in price. If original demand was 30 units at the price of Rs 7/- per unit, then calculate the price elasticity of demand, given price increased by 10%. Indicate whether the demand is elastic or not. Also calculate the new quantity demanded. Numerical 7. When price of a good is Rs7/- per unit, a consumer buys 12 units. When price falls to Rs 6/- per unit, he spends Rs 72/- on the good. Calculate price elasticity of demand. Factors Affecting Price Elasticity of Demand Nature of Commodity Availability of Substitutes Income Level Level of Price Postponement of Consumption Number of Uses Share in Total Expenditure Time Period Habits Supply Analysis Supply refers to quantity of a commodity that a firm is willing and able to offer for sale at a given price during a given period of time. Determinants of Supply Price of the given commodity Prices of other Goods Prices of factors of Production State of Technology Government Policy Goals/Objectives of the Firm Number of Firms in the Market Future Expectation regarding Price Means of Transportation and Communication Law of Supply Law of Supply states the direct relationship between price and quantity supplied, keeping other factors constant. Movement along the Supply Curve (Change in Quantity Supplied) When Quantity supplied of a commodity changes due to change in its own price, keeping other factors constant, it is known as “Change in quantity supplied”. (i) Expansion in Supply (ii) Contraction in Supply Shift in Supply Curve When Supply of a commodity changes due to change in any factor other than the own price of the commodity, it is known as “Change in Supply”. (i) Increase in Supply (ii) Decrease in Supply Exceptions to Law of Supply Future Expectation Agricultural Goods Perishable Goods Rare Articles Backward Countries Price Elasticity of Supply Price Elasticity of Supply refers to degree of responsiveness of supply of a commodity with reference to change in the price of such commodity. Methods for Measuring Price Elasticity of Supply Price Elasticity of supply can be measured by the following methods: 1.Percentage Method 2.Proportionate Method Degrees of Elasticities of Supply 1.Perfectly Elastic Supply: When there is an infinite supply at a particular price and supply becomes zero with a straight rise in the price, then supply for such a commodity is said ton be perfectly elastic. Price Supply 30 100 30 200 30 300 2. Perfectly Inelastic Supply When there is no change in supply with change in price, then supply for such a commodity is said to be perfectly inelastic. Price Supply 20 100 30 100 3. Highly Elastic Supply When Percentage change in the quantity supplied is more than percentage change in price, then supply for such a commodity is said to be highly elastic. Price Supply 10 100 15 200 20 400 4. Less Elastic Supply When Percentage change in the quantity supplied is less than percentage change in price, then supply for such a commodity is said to be less elastic. Price Supply 10 100 20 150 30 200 5. Unitary Elastic Supply When percentage change in the quantity supplied is equal to percentage change in price, then supply for such a commodity is said to be unitary elastic. Price Supply 20 100 10 150 Numerical If price of a commodity falls from Rs 60/- per unit to Rs 58/- per unit, its supply falls from 400 units to 300 units. Find out its elasticity of supply. Numerical A Producer received Rs 6,000/- when the price of a commodity was Rs 60/- per unit. The receipts increased to Rs 8,400/- when price increased by Rs10/-. Calculate the elasticity of Supply. Numerical When Price of a commodity falls by just 10%, the total revenue of a firm become half of the original total revenue. If at the new price of Rs 45/-, only 10 units are supplied, calculate original quantity and price elasticity of supply. Circular Flow of Income It refers to cycle of generation of income in the production process, its distribution among the factors of production and finally, its circulation from households to firms in the forms of consumption expenditure on goods and services produced by them. Types of Circular Flow Real Flow: Real Flow refers to the flow of factor services from households to firms and the corresponding flow of goods and services from firms to households. Money Flow Money Flow refers to flow of factor payments from firms to households for their factor services and corresponding flow of consumption expenditure from households to firms for purchase of goods and services produced by the firms. Circular Flow in a Two Sector Economy Circular Flow in a Three Sector Economy Circular Flow in a Four Sector Economy Demand Forecasting  Demand Forecasting is the process of predicting future customer demand for a product or service over a specific period, based on historical data, market trends, and various factors that influence demand.  It helps businesses make informed decisions regarding production, inventory management, pricing strategies, and supply chain operations.  By accurately forecasting demand, companies can ensure they meet customer needs while minimizing excess inventory, reducing costs, and optimizing resource allocation. Significance of Demand Forecasting  Production Planning: Demand forecasting helps businesses plan their production processes by predicting future demand, ensuring that they produce the right quantity of goods to meet market demand without overproducing or underproducing.  Inventory Management: It allows companies to maintain optimal inventory levels, reducing carrying costs and minimizing stockouts, ensuring smooth operations and customer satisfaction.  Financial Planning and Budgeting: Accurate demand forecasting assists in financial planning by estimating future revenues, expenses, and profits, enabling businesses to allocate resources effectively and create realistic budgets.  Pricing Decisions: Forecasting helps firms anticipate changes in market demand, allowing them to adjust pricing strategies accordingly to maximize profitability and remain competitive. Significance of Demand Forecasting  Capacity Utilization: By predicting future demand, companies can plan for the optimal utilization of their production capacity, ensuring efficiency and reducing the costs associated with idle or underutilized resources.  Marketing and Sales Strategies: Demand forecasting guides marketing and sales teams in developing promotional strategies, product launches, and sales campaigns tailored to future market conditions.  Investment Decisions: Businesses can use demand forecasting to make informed decisions about capital investments, expansion, and resource allocation based on expected future market opportunities. Significance of Demand Forecasting  Risk Management: It helps firms prepare for market fluctuations and uncertainties, enabling them to develop contingency plans and minimize risks associated with changes in consumer demand.  Labor and Workforce Planning: Accurate forecasting assists in determining future labour requirements, allowing firms to plan for hiring, training, or reducing staff as per anticipated demand levels.  Supply Chain Management: Forecasting demand ensures effective coordination with suppliers, enabling timely procurement of raw materials and ensuring a seamless supply chain. Various Methods of Demand Forecasting  Qualitative Methods  Quantitative Methods Qualitative Methods Expert Opinion Method (Jury of Executive Opinion) Delphi Method Sales Force opinion method Market Research/Survey Method Expert Opinion Method (Jury of Executive Opinion)  Experts or key decision-makers within the organization provide their insights on the likely future demand.  Often used in small businesses where historical data is limited. Delphi Method A structured communication technique involving a panel of experts who answer questionnaires in two or more rounds. After each round, the responses are aggregated and shared with the group, allowing experts to revise their answers based on collective feedback until a consensus is reached. Sales Force Opinion Sales personnel provide estimates of future demand based on their interactions with customers and knowledge of the market. The individual forecasts are then aggregated to get the overall demand forecast. Market Research/Survey Method  Demand is estimated by gathering information directly from customers through surveys, interviews, or focus groups.  Useful for estimating demand for new products or for understanding customer preferences and behaviors. Quantitative Methods Time Series Causal Analysis Method Time Series Analysis Moving Exponential Decompositio Average Smoothing n Causal Method Correlation/ Econometrics Input/Output Regression Regression Method(Estimate the demand for 8th & 9th Year) Year Sales 3 7 4 6 5 9 6 11 7 12 8 ? 9 ? Econometrics Econometric methods provide powerful tools for forecasting by leveraging historical data and understanding relationships between economic variables. Combining these methods can enhance forecasting accuracy and robustness. Input/Output  Input-output analysis is a technique that can help with forecasting by identifying and quantifying the relationships between products and industries.  Input-output analysis is used to identify the linkages between the products and thus can be useful in developing better forecasts. Production Production refers to transformation of inputs into output. Short Run & Long Run  Short Run refers to a period in which output can be changed by changing only variable factors.  Long Run refers to a period in which output can be changed by changing all factors of production. Variable Factors & Fixed Factors Variable Factors refers to those factors, which can be changed in the short run. Fixed Factors refer to those factors, which can’t be changed in the short run. Concept of Product Product or output refers to the volume of goods produced by a firm during a specified period of time. The Concept of product can be looked at from three different angles: 1. Total Product 2. Marginal Product 3. Average Product Total Product Total Product refers to total quantity of goods produced by a firm during a given period of time with given number of inputs. Ex: If 10 labours produce 60 k.g. of rice, then total product is 60 k.g. Average Product  Average product refers to output per unit of variable input.  Ex: If total product is 60 k.g. of rice, produced by 10 labours, then average product will be 60/10=6 k.g. Marginal Product  Marginal product refers to addition to total product, when on more unit of variable factor is employed.  If 10 labours make 60 k.g. of rice and 11 labours make 67 k.g of rice, then MP of 11th labour will be MP11=TP11-TP10 MP11= 67-60=7 k.g. Law of Variable Proportions Law of Variable proportions states that as we increase quantity of only one input keeping other inputs fixed, total product initially increases at an increasing rate, then at a decreasing rate and finally at a negative rate. Law of Variable Proportions Fixed Factor Variable TP MP Phase Factor 1 1 10 10 1st (Increasing returns to a factor) 1 2 30 20 1 3 45 15 2nd (Diminishing returns to a factor) 1 4 52 7 1 5 52 0 1 6 48 -4 3rd (Negative returns to a Factor) Phase-1: Increasing Returns to a Factor  In the first phase, every additional variable factor adds more and more to the total output. It means, TP increases at an increasing rate and MP of each variable factor rises. As seen in given schedule and diagram, one labour produces 10 units, while two labours produce 30 units. It implies, TP increases at increasing rate (till point 'Q') and MP rises till it reaches its maximum point 'P', which marks the end of first phase. Phase-2: Diminishing Returns to a Factor  In the second phase, every additional variable factor adds lesser and lesser amount of output. It means, TP increases at a diminishing rate and MP falls with increase in variable factor. That is why, this phase is known as diminishing returns to a factor. The second phase ends at point 'S', when MP is zero and TP is maximum (point 'M') at 52 units. Phase-3: Negative Returns to a Factor  In the third phase (starting from 6 units of labour), the employment of additional variable factor causes TP to decline. MP now becomes negative. Therefore, this phase is known as negative returns to a factor. In Fig 5.1, the third phase starts after point 'S' on MP curve and point 'M' on TP curve. MP of each variable factor is negative in the 3rd phase. So, no firm would deliberately choose to operate in this phase. Reasons for Law of Variable Proportions Reasons for Increasing Returns to a Factor (Phase I)  Better Utilization of the Fixed Factor: In the first phase, the supply of the fixed factor (say, land) is too large, whereas variable factors are too few. So, the fixed factor is not fully utilised. When variable factors are increased and combined with fixed factor, then fixed factor is better utilised and output increases at an increasing rate.  Increased Efficiency of Variable Factor: When variable factors are increased and combined with the fixed factor, then former is utilised in a more efficient manner. At the same time, there is greater cooperation and high degree of specialization between different units of the variable factor. Reasons for Increasing Returns to a Factor (Phase I)  Indivisibility of Fixed Factor: Generally, the fixed factors which are combined with variable factors are indivisible. Such factors cannot be divided into smaller units. Once an investment is made in an indivisible fixed factor, then addition of more and more units of variable factor, improves the utilisation of fixed factor. Reasons for Diminishing Returns to a Factor (Phase II)  Optimum Combination of Factors: Among the different combinations between variable and fixed factor, there is one optimum combination, at which total product (TP) is maximum. After making the optimum use of fixed factor, the marginal return of variable factor begins to diminish. For example, if a machinery (fixed factor) is at its optimum use, when 4 labours are employed, then addition of one more labour will increase TP by very less amount and MP will start diminishing.  Imperfect Substitutes: Diminishing returns to a factor occurs because fixed and variable factors are imperfect substitutes of one another. There is a limit to the extent of which one factor of production can be substituted for another. For example, labour can be substituted in place of capital or capital can be substituted in place of labour till a particular limit. But, beyond the optimum limit, they become imperfect substitutes of one another, which leads to diminishing returns. Reasons for Negative Returns to a Factor (Phase III)  Limitation of Fixed Factor: The negative returns to a factor apply because some factors of production are of fixed nature, which cannot be increased with increase in variable factor in the short run.  Poor Coordination between Variable and Fixed Factor: When variable factor becomes too excessive in relation to fixed factor, then they obstruct each other. It leads to poor coordination between variable and fixed factor. As a result, total output falls instead of rising and marginal product becomes negative.  Decrease in Efficiency of Variable Factor: With continuous increase in variable factor, the advantages of specialization and division of labour start diminishing. It results in inefficiencies of variable factor, which is another reason for the negative returns to eventually set in. Law of Returns to Scale Returns to scale refers to the change in output when all the factor inputs are changed simultaneously in the same proportions in the long run. Three Types of Returns to Scale 1. Increasing Returns to Scale 2. Constant Return to Scale 3. Diminishing Returns to Scale Increasing Returns to Scale  When proportionate increase in total output is more than proportionate increase in inputs, it is Increasing Returns to Scale. It means, if all the inputs are increased by 100%, then the output increases by more than 100%. Inputs (Units) Output Percentage Percentage (K=capital; (Units) increase in increase in L=Labour inputs Output 1K+2L 100 ---- ---- 2K+4L 250 100% 150% 4K+8L 600 100% 140% Constant Return to Scale  When proportionate increase in total output is equal to proportionate increase in inputs, it is Constant Returns to Scale. It means, if all the inputs are increased by 100%, then the output also increases by 100%. Inputs (Units) Output Percentage Percentage (K=capital; (Units) increase in increase in L=Labour inputs Output 4K+8L 600 ---- ---- 8K+16L 1200 100% 100% 16K+32L 2400 100% 100% Diminishing Returns to Scale  When proportionate increase in total output is less than proportionate increase in inputs, it is Diminishing Returns to Scale. It means, if all the inputs are increased by 100%, then the output increases by less than 100%. Inputs (Units) Output Percentage Percentage (K=capital; (Units) increase in increase in L=Labour inputs Output 16K+32L 2400 ---- ---- 32K+64L 4200 100% 75% 64K+128L 7350 100% 75% Economies of Scale Economies of scale occur when increasing production leads to a decrease in the average cost per unit. This typically happens because fixed costs are spread over a larger number of goods, and operational efficiencies improve. Types of Economies of Scale 1. Internal Economies of Scale 2. External Economies of Scale Internal Economies of Scale  Cost savings that result from the firm's own actions, such as: Managerial: Larger firms can employ specialized managers. Technical: Larger firms can invest in more efficient technology. Financial: Larger firms often have better access to capital and lower interest rates. Marketing: Larger firms can spread marketing costs over a larger output. Risk bearing – a larger firm can be safer from the risk of failure if it has a more diversified product range. Purchasing – firms producing on a larger scale should be able to bulk buy raw materials or product for resale in larger quantities. They may be able to cut out wholesalers by buying direct from producers, and transport costs per unit may also be reduced. External Economies of Scale Cost advantages that accrue to all firms in an industry as the industry grows, such as improved infrastructure or a skilled labor pool. Diseconomies of Scale  Diseconomies of scale occur when increasing production leads to an increase in the average cost per unit. This can happen for several reasons, often related to inefficiencies in larger operations. 1. Lack of motivation – in larger firms, workers can feel that they are not appreciated or valued as individuals. It can be more difficult for managers in larger firms to develop the right kind of relationship with workers. If motivation falls, productivity may fall leading to inefficiencies. 2. Poor communication – it can be easier for smaller firms to communicate with all staff in a personal way. In larger firms, there is likely to be greater use written of notes rather than by explaining personally. Messages can remain unread or misunderstood and staff are not properly informed. 3. Co-ordination – a very large business takes a lot of organising, leading to an increase in meetings and planning to ensure that all staff know what they are supposed to be doing. Cost Concepts  Cost may be defined as price paid for different factors of productions involved in producing certain commodities. Cost is the sum total of Explicit cost and Implicit Cost. Explicit Cost & Implicit Cost Explicit Cost: It is the actual money expenditure on inputs or payments made to outsiders for hiring their factor of services. Example: Wages paid to the employees, rent paid, payment for raw materials etc. Implicit Cost: It is the estimated value of the inputs supplied by the owners including normal profit. Example: Interest on own capital, rent of own land, salary for the services of entrepreneur etc. Opportunity Cost Opportunity cost is cost of the next best alternative foregone. Fixed Cost or Total Fixed cost Fixed Cost refer to those costs which do not vary directly with the level of output. Total Variable Cost or Variable cost Variable costs refer to those costs which vary directly with the level of output. Total Cost  Total cost (TC) is the total expenditure incurred by a firm on the factors of production required for the production of a commodity.  TC=TFC+TVC Total Cost Schedule Output Total Fixed Cost Total Variable Total Cost Cost 0 12 0 12+0=12 1 12 6 12+6=18 2 12 10 12+10=22 3 12 15 12+15=27 4 12 24 12+24=36 5 12 35 12+35=47 Average Fixed Cost Average fixed cost refers to the per unit fixed cost of production. Average Variable Cost Average variable cost refers to the per unit variable cost of production. Marginal Cost Marginal cost refers to the addition to total cost when one more unit of output is produced.  Mathematically, MCn=TCn-TCn-1 Problems 1. A firm is producing 20 units. At this level of output, ATC and AVC are Rs 40 and Rs 37 respectively. Find out the total Fixed cost of the firm. 2. The AC of 5 units is Rs 6 and AC of producing 6 units is Rs 5. Calculate the MC of 6th Unit. Problem Output (Units) Total Cost Average Cost Marginal Cost 1 30 2 100 3 5 4 10 5 27 6 45 Problem Output MC TFC TVC AVC TC ATC (Units) 0 ------- 1 2000 2 1500 3 1200 4 1500 5 2000 6 2700 7 3500 Problem Output TC TFC TVC AC AFC AVC MC (Units) 0 150 1 300 2 420 3 600 4 790 5 1000 6 1260 Average Cost  Average cost refers to the per unit total cost of production.  Average cost is also defined as the sum of average fixed cost and average variable cost. ISOQUANTs & ISOCOST Isoquant Curve An isoquant curve represents all combinations of inputs that produce the same level of output. It shows how much of one input can be substituted for another while maintaining the same output level. Isocost line  An isocost line represents all combinations of inputs (like labor and capital) that can be purchased for a given total cost. Essentially, it shows the trade-offs between different inputs that a firm can afford. Isoquants and Isocost Lines Cost minimization Cost minimization using isocost curves and isoquant lines is a fundamental concept in production theory in managerial economics. It helps firms determine the most cost-effective combination of inputs (like labor and capital) to produce a given level of output. Cost minimization Economies of Scope Economies of scope is an economic concept that the unit cost to produce a product will decline as the variety of products increases. That is, the more different-but-similar goods you produce, the lower the total cost to produce each one. Examples  For example, let’s say that you’re a shoe manufacturer. You produce men’s and women’s sneakers. Adding a children’s line of sneakers would increase economies of scope because you can use the same production equipment, supplies, storage, and distribution channels to make a new line of products. That will further reduce the cost of production on all your shoes.  The cost to produce all three of your different lines is lower than if three different companies each produced a line of men’s shoes, a line of women’s shoes, and a children’s line. Because you can extend the use of your resources to make more products to be sold to your same target market, you can continue to drive costs down. Thanks! Do you have any questions? [email protected] Resource +91 9438162532 s Values CREDITS: This presentation template was created by Slidesgo, including icons by Flaticon, infographics & images by Freepik Hard Work

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