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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.
DIFFICULTIES IN MEASURING THE NATIONAL INCOME There are some conceptual and statistical problems in measuring national product. Some items are excluded from the national incom
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