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Economics Resources

Costs and Production

  • Distinguish between the law of diminishing returns and the concept of returns to scale.
  • Why do some firms grow in size?
  • Why do other firms remain small?
  • Explain the relationship between fixed cost, variable cost and marginal cost.
  • Explain how economies of scale affect the production costs of a firm.
  • Since economies of scale is beneficial, should mergers of small firms always be encouraged?
  • Distinguish between internal and external economies of scale?
  • Why are there more small than large firms in your country?
  • What are sources of economies of scale?

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