Explain the Concept of Scale Economies

question 52

Essay

Explain the concept of scale economies. Explain the difference between internal and external scale economies. What pattern of trade do we expect to see in industries with substantial external scale economies?

Understand the stages and processes of prenatal development.

Identify the physical support systems for an embryo and explain their functions.

Recognize the impact of stimulants and other substances on prenatal development and infant health.

Understand the concept of organogenesis and its timing during prenatal development.

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Definitions:

Marginal Utility

The change in satisfaction or utility that a person receives from consuming an additional unit of a good or service.

Utility-Maximizing

The concept in economics and consumer theory where individuals or firms make decisions that lead to the highest level of satisfaction or benefit within their constraints.

Total Utility

The cumulative satisfaction or usefulness that a person gains from consuming all units of a particular good or service.

Marginal Utility

The supplementary enjoyment or value obtained by consuming an extra unit of a good or service.