Economic Questions
With respect to the structur
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With respect to the structural changes in the American brewing industry that may be attributed to shifting consumer preferences, increased per capita consumption, and technological change, such changes occurred within the contexts of the economic concepts of economies of scale and marginal productivity. Economies of scale are reductions in per unit costs that are associated with the use of large plants to produce a large volume of output. The technological change in the brewing industry that permitted a 33.3 percent in the bottling rate for cans and a 50 percent increase in the bottling rate for bottles worked very much in favor of large scale producers. The large scale brewers were best positioned to take advantage of the new technology, as they were already producing beer more efficiently than were the mid scale and small scale producers in the industry. Larger breweries would permit the large scale producers to lower long run average costs and long run marginal costs. While short range costs might increase to reflect the cost of the new technology, the large scale producers would be in a position to sustain these short term costs increases until the point where the long term cost advantages of the economies of scale derived from the new technology would be realized. Short term costs would increase in part because of the costs associated with other opportunities forgone because of the decision to invest in the new technology.Short run costs at each output level
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Approximate Word count = 856
Approximate Pages = 3 (250 words per page)
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