Difference between revisions of "Economy of scale"
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==Definitions== | ==Definitions== | ||
Revision as of 18:20, 30 May 2020
Economy of scale is when the average cost of producing each individual unit declines as total output increases.
Definitions
According to Principles of Economics by Timothy Taylor (3rd edition),
- Economies of scale. When the average cost of producing each individual unit declines as total output increases.
