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The question is:
a) Explain the difference between the law of diminishing marginal returns and economies of scale with the help of the relevant diagrams.
b) Explain what is meant by internal economies of scale and analyse the link between economies of scale and a firms long run average cost curve.
Can anyone help with the answer? And also diagrams? With the help of attaching pictures?
Help would be highly appreciated.
a) Explain the difference between the law of diminishing marginal returns and economies of scale with the help of the relevant diagrams.
b) Explain what is meant by internal economies of scale and analyse the link between economies of scale and a firms long run average cost curve.
Can anyone help with the answer? And also diagrams? With the help of attaching pictures?
Help would be highly appreciated.