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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