Explain long-run costs, economies of scale and scope, sources of economies and diseconomies of scale and scope, and the notion of minimum efficient scale.

ECONOMICS     1
ECONOMICS     4
ECONOMICS ASSIGNMENT
Table of Contents
Basic Concepts of Economics    3
References    5
Basic Concepts of Economics
Long-run cost with respect to economics can be defined as the accumulations done, when a company revamps its production level over the period in response to the predicted profit earned or loss incurred. In the long run, there are no such fixed factors of production, and the labor, capital goods, and the entrepreneurship diverge to attain the long-run cost of the manufacturing of goods or services produced by the company (Ghani, 2019).
Economies of scale are about increasing the units of production of organizing. Economies of scope are about increasing the varieties of production. With respect to the organization the economies of scope help in utilizing the available...