Only answer 1,2 and 3 Leroy is considering setting up a large IT business to produce website for companies in Jamaica.He has made a list of the advantages of setting up a large rather than a smaller business which heis going to present to a bank manager.Questions:Which of the following advantages should be classified as internal and external economies? Incach case, explain why.1. There has been growth in the number of people with IT qualifications in Jamaica.2. He would be able to borrow more cheaply than if he set up as a small business.3. Jamaica has been developing a reputation as a specialist provider of IT services.4. Leroy would be able to afford to invest in more sophisticated IT systems.5. He would be able to spread his risks by providing website to more IT businesses.

Economy of scale refers to factors that reduce production costs and increase the volume of output.…

Answered: 1,2 and

Business

Economics

1,2 and

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Only answer 1,2 and 3

Leroy is considering setting up a large IT business to produce website for companies in Jamaica.
He has made a list of the advantages of setting up a large rather than a smaller business which he
is going to present to a bank manager.
Questions:
Which of the following advantages should be classified as internal and external economies? In
cach case, explain why.
1. There has been growth in the number of people with IT qualifications in Jamaica.
2. He would be able to borrow more cheaply than if he set up as a small business.
3. Jamaica has been developing a reputation as a specialist provider of IT services.
4. Leroy would be able to afford to invest in more sophisticated IT systems.
5. He would be able to spread his risks by providing website to more IT businesses.

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The board of a football club consists of three extremely wealthy owners and five fans of the club. To decide on a proposal, the board uses a voting game in which all three wealthy owners and at least two fans must vote in favour in order for the proposal to be accepted. (a) Show that the voting game use by the board for deciding whether to approve a motion can be weighted. (b) For the voting game used by the board, find the Shapley-Shubik index of each fan. Hence, or otherwise, find the Shapley-Shubik index of each extremely wealthy owner. (c) Suppose that the board changes the voting game used to decided whether to ap- prove a proposal so that, in order to be approved, at least two extremely wealthy owners and at least three fans must vote in favour of the proposal. Can this voting game be weighted? Brieflv justifv vour answer.