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Explain about the economies and diseconomies of scale.
Economies and Diseconomies of Scale:
a. There are economies of scale while long-run average total cost refuses as output rises.
b. There are diseconomies of scale while long-run average total cost rises as output rises.
c. There are constant returns to scale while long-run average total cost is constant as output raises.
Consider the following Marginal Private Cost (MPC), Marginal Social Cost (MSC) and market demand curves. These curves relate to a market for a product, the production of which gene
Moving along a demand curve, quantity demanded decreases 8 percent when price increases 10 percent. a. The price elasticity of demand is calculated to be____________ b. Given the
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