What is difference of economies of scale and learning effect

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1. Suppose that average cost is minimized at 50 units and equals $1. What is marginal cost at this output level?

2. What is the difference between economies of scale and economies of scope?

3. What is the difference between economies of scale and learning effects?

4. Suppose that you can sell as much of a product as you want at $100 per unit. Your marginal cost is: MC = 2Q. Your fixed cost is $50. What is the optimal output level? What is the optimal output, if your fixed cost is $60?

Reference no: EM13921654

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