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QUESTION 2 a. What is economies of scale? What is diseconomies of scale? b. What is economies of scope? c. What is learning by doing?

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QUESTION 2 a. What is economies of scale? What is diseconomies of scale? b. What is economies of scope? c. What is learning by doing? d. What does it mean for a factor of production to have diminishing marginal product? e. What is the relationship between average total cost (ATC) and marginal cost (MC) of production? (4 pts each for a total of 20 pts)

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