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JC Economics Education Centre
Registered with the Ministry of Education (MOE)
Economics Resources
Costs and Production
- Distinguish between the law of diminishing returns and the concept of returns to scale.
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Why do some firms grow in size?
- Why do other firms remain small?
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Explain the relationship between fixed cost, variable cost and marginal cost.
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Explain how economies of scale affect the production costs of a firm.
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Since economies of scale is beneficial, should mergers of small firms always be encouraged?
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Distinguish between internal and external economies of scale?
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Why are there more small than large firms in your country?
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What are sources of economies of scale?
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