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Describe the Concept of Minimum Efficient Scale

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Essay

Describe the concept of minimum efficient scale. Discuss the implications of minimum efficient scale.


Definitions:

Big Data

Extremely large data sets that are analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.

Smart-phone Apps

Software applications designed to run on smartphones, offering a wide range of functionalities, including communication, entertainment, and productivity.

Body-worn Sensors

Devices worn on the body that monitor and collect data on various health and physical activity parameters.

Naturalistic Observation

A research method involving observing subjects in their natural environment without interference.

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