Question

A rainy day, as defined by the Indian Meteorological department, is a day when the rainfall at a point received is

Answer 1

Internal economies of scale are firm-specific, or caused internally, while external economies of scale occur based on larger changes outside of the firm. Both types result in declining marginal costs of production, yet the net effect is the same. External economies of scale are generally described as having an effect on the whole industry.

Economist Alfred Marshall first differentiated between internal and external economies of scale. Marshall suggested broad declines in the factors of production, such as land, labor and effective capital, represented a positive externality for all firms. These externality arguments are offered in defense of public infrastructure projects or government research.

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