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Yogita Ingle 5 years, 9 months ago
The nature 'U' shaped short-run Average Cost curve can be attributed to the law of variable proportions. ... Thus, the Average Costs of the firms continue to fall as output increases because it operates under the increasing returns due to various internal economies.
It's a U-shaped curve. Initially, the variable cost per unit of output decreases as output increases. ... After the low, the variable cost per unit of output starts to increase. The increase in AVC after a certain point is indirectly related to the law of diminishing marginal returns
Posted by Gautam Sharma 5 years, 9 months ago
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Tiyasha . 5 years, 9 months ago
Yogita Ingle 5 years, 9 months ago
Isolated System: - In this system there is neither change in matter nor change in energy. For example: - Any closed insulated vessel like thermos flask. In thermos tea can be kept hot for many hours because the walls of thermos are insulated and it does not allow heat to flow out of the flask.
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Yogita Ingle 5 years, 9 months ago
Vending machines are the newest revolution in retail trade. These are coin operated machines and help in selling products like milk, soft drinks, hot beverages, platform tickets, etc.
2. The latest development under this concept is Automated Teller Machines (ATM) in the banking sector.
3. This machine has made it possible to withdraw money any time without visiting any bank.
4. These machines prove to be very useful for selling prepacked goods at a low price, having high turnover and are uniform in size and weight.
5. The main limitation of these machines is that the installation cost of these machines is very high. Also, the expenditure on regular maintenance and repair on them is very high.
6. Another limitation of this system is that the customers can neither see the product before buying nor return the unwanted goods.
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