Question

Economics of scope means

1 reducting the source of activities
2 cutting down unnecessary work
3 producing in large volumes to gain economic cost
4 manufacturing activities of the common parts of various products are combined to gain economics ​

Answer 1

Explanation:

Economies of scope describe situations when producing two or more goods or services together results in a lower cost than producing them separately.

Economies of scope differ from economies of scale, in that the former means producing a variety of different products together to reduce costs while the latter means producing more of the same good in order to reduce costs by increasing efficiency.

Economies of scope can result from goods that are co-products or complements in production, goods that have complementary production processes, or goods that share inputs to production