Economies of scope vs Economies of Scale

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processes that involve achieving low per unit cost by computerization coupled with goods manufacturing in an economic manner with small lot sizes are called____. a) Economics of scale b) ecnomics of production c) Cost minimization d) profit maximization e) ecnomics of scope

[@Shakshi_Chawla]

Ans. B Economics of production refers to the study of how to produce goods and services efficiently. It involves reducing the cost of production while maintaining the quality of the product. This can be achieved by using technology, automation, and small batch sizes to produce goods at a low cost per unit.

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