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Economies of Scale
The reduction in the cost of each additional unit produced as all factors of production increase. Factors contributing to economies of scale include discounts on bulk purchases of raw materials, the ability to use fixed assets to full capacity, the skills to use particular labor to its fullest capability, and the skills to use management to govern the largest number of people as efficiently as possible.
Using tools of indifference curve, highlight on consumption in business economics.
factors that affects the volume of production
Types of externalities
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compare marginal rate of technical substitution and marginal rate of substitution
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