Discuss various internal and external economies of scale
Problem
Economies of scale is an economic term that describes a competitive advantage that large entities have over smaller entities. In terms of this statement, discuss the various internal and external economies of scale.
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Explain why the private market cannot provide socially optimal level of education. Why private market cannot provide the socially optimal level of education?
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Why it is not inconsistent to claim that people's preferences differ and at their current consumption levels, their marginal rates of substitution are equal.
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Describe competitive advantage that large entities have over smaller entities. In terms of statement, discuss various internal and external economies of scale.
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