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What is the difference between industrial organisation model and reosurce based model?
The I O Model sugges that above average returns for any firm are largely determined by characteristics outside the firm The I O Model largely focuses on industry structure or the attractiveness of the extenal environment rather than on the firms internal characteristics
What is the meaning of agglomeration economics in Alfred Weber 's model?
The agglomeration-advantage is a distortion why a firm is not located at the minimum-transportcost location. Agglomeration gives an advantage to the firm because of two reasons: (1) a locational advantage, i.e. the fact that the firm can expand his production in an agglomerated area, and (2) an urbanisation advantage , i.e. the fact that when a firm is located in an agglomerated area she has more easy access to auxiliary goods needed for production, because auxiliary firms are often located in agglomerated areas. Weber expects that distortion stemming from agglomeration do not occur often, because agglomerations are mostly located at minimun-transport cost locations.
Which is one of the four simplifying assumptions made in the chapter about the construction of the production possibilities model?
The economy is fully employed and is using least-cost methods of production.
What was the average price for a house in 2008?
Depends on where you are and whether it is a model or done to your specs. Your local Realtors will know the local averages, under various conditions such as location, lot size, etc.
Which is better economic model or socioeconomic model?
A socioeconomic model tells you more than an economic model does, so in most cases I would say the socioeconomic model is better.
