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    Economies of Scale vs Economies of Scope

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    What is the difference between economies of scale and economies of scope? How do firms consider these when investing in processes?

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    https://brainmass.com/business/business-management/economies-of-scale-vs-economies-of-scope-512226

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    Economies of scale are related to reducing the average cost of production of a product by producing in larger quantities whereas economies of scope refers to reducing the average cost of two or more products. Hence, they are closely related ...

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