Question

Explain the difference between Internal
and external Economic
​

Answer 1

Answer:

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Explanation:

Internal economies of scale measure a company's efficiency of production and occur because of factors controlled by its management team. External economies of scale happen because of larger changes within the industry, so when the industry grows, the average costs of business drop.

Answer 2

Answer:

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Explanation:

Internal economies of scale are firm-specific—or caused internally—while external economies of scale occur based on larger changes outside the firm. Both result in declining marginal costs of production, yet the net effect is the same.