Difference between revisions of "Economy of scale"
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| − | According to [[Principles of Economics by Timothy Taylor (3rd edition)]] | + | According to [[Principles of Economics by Timothy Taylor (3rd edition)]], |
| − | + | :[[Economies of scale]]. When the average cost of producing each individual unit declines as total output increases. | |
| − | + | [[Category: Articles]] | |
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Revision as of 18:20, 30 May 2020
Economies of scale is when the average cost of producing each individual unit declines as total output increases.
Definitions
According to Principles of Economics by Timothy Taylor (3rd edition),
- Economies of scale. When the average cost of producing each individual unit declines as total output increases.
