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discussion on long-run production, returns to scale, and the corresponding long-run average cost concept of economies of scale. Please provide...
discussion on long-run production, returns to scale, and the corresponding long-run average cost concept of economies of scale.Please provide responses to the following questions:A firm experiences increasing returns to scale; that is, doubling all its inputs more than doubles its output. What can be inferred about the firm's short-run costs?Carefully explain the difference between diseconomies of scale and diminishing returns.