CDAE1610
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CDAE1610 2
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1. Primary Data - ANSWER data you collected yourself (never gathered before) 2. Secondary Data - ANSWER data you got from someone else 3. Economies of scale - ANSWER Average cost of production decreases as output increases. Spreads fixed costs across more units produced. Specialization leads to higher productivity, indivisible inputs are expensive. Cities allow firms to share indivisible inputs and allow workers to specialize in their area of labor increasing productivity. Ex...
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1. Primary Data - ANSWER data you collected yourself (never gathered before) 2. Secondary Data - ANSWER data you got from someone else 3. Economies of scale - ANSWER Average cost of production decreases as output increases. Spreads fixed costs across more units produced. Specialization leads to higher productivity, indivisible inputs are expensive. Cities allow firms to share indivisible inputs and allow workers to specialize in their area of labor increasing productivity. Ex...