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Economies of scale are said to exist when "inputs are increased by some percentage and output increases by greater percentage, causing unit costs to fall."
What is economic of scale?
The phenomenon known as economies of scale occurs when the scale or magnitude of the production produced by a firm increases while the average cost per unit of output decreases.
Example of economic of scale is-
Economies of scale emerge when a company reaps the rewards of its size. A corporation gains from a variety of efficiency as it grows. For instance, serving 1,000 people at a restaurant is much more affordable and effective than serving just one.
Types of Economies of Scale are-
- Internal Economies of Scale.
- External Economies of Scale.
- Purchasing
- Managerial.
- Technological.
To know more about economies of scale, here
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