Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 3, Problem 8P
To determine
The difference in the production during Industrial revolution and Cottage industry system.
Introduction:
Industrial Revolution: Between the period of 18th and 19th Centuries, the agrarian and rural societies of Europe and United Kingdom transformed to industrial and urban economies.
Cottage Industry System: It is a small business run and operated at an individual’s home and is generally operated with very basic machinery.
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Transcribed image text: 3. How would an
advance in development technology that
lowered a developer's costs change the
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revenue, marginal cost, average total cost,
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Question 10
Which of the following statements about small-medium enterprises (SMEs) in the UK is incorrect?
A There are in the region of 6 million SMEs in UK
B Construction is the industry with highest SME employment in UK
C SMEs account over 50% of turnover in UK
D SMEs account for over 60% of employment in UK
13
Technological progress makes the production possibilities frontier
(1 Point)
Shift inward toward the origin.
Become more linear and less bowed.
Shift outward from the origin.
Become less linear and more bowed.
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