In this article, we will discuss the concepts of internal and external economies arising out of large scale production.
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Tag: Theory of Production
Difference between Law of Variable Proportions and Return to Scale
In this article, we will discuss what are the differences between Law of variable proportions and Return to scale.
Read MoreLaws of Return to Scale
In the long run, the change in production by changing every factor of production is called the Laws of Return to Scale. Again, the amount of employment of the factor of production is called the Scale of Production.
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