LS0812: a. Large scale production is considered to be economical in the sense of per unit cost. Explain the statement by describing different types of economies of scale. Give examples to substantiate your answer

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Question: "a. Large scale production is considered to be economical in the sense of per unit cost. Explain the statement by describing different types of economies of scale. Give examples to substantiate your answer.

b. Under perfect competition, a firm’s average revenue and marginal revenue are equal at all levels of output” Explain the statement by giving a hypothetical revenue table."


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