In this video I explain the idea of what happens to output and costs in the long-run. I cover two similar but different ideas: increasing retruns to scale and economies of scale. The first one focuses on what happens to output and the second focuses on costs. I also cover t he idea of diseconomies of scale. And, of course, you get a bonus round. Let me know what you think and please subscribe.
Video about short run production-
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Watch Episodes of Econmovies-
More videos about the costs of production-
Check out the TV show How It's Made to see more economies of scale at work-
Welcome! This is the Microeconomics Unit 3 Summary video. I cover concepts like diminishing marginal returns (1:14), the costs of production (5:11), the long run average total costs and economies of scale (10:29), and perfect competition in both the short run (15:27) and long run (23:52). Make sure you know how to do the calculations and draw the key graphs. Definitely get the Ultimate Review Packet. It will totally help. Thanks for watching. If you want more videos like this, please subscibe.
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