Question

PART A requires the student to do the following four concepts and provide a definition and brief explanation of their importance in microeconomic analysis.

1) Economies of Scope vs. Economies of Scale;

2) MRPL;

Answer 1

Answer:
1.)
Economies of Scope and Economies of Scale are different techniques which is being used by the company to cut cost. Economies of Scope focuses on average total cost of production of a variety of goods. On the other hand Economies of Scale focuses on cost advantage that will arise when there is large scale production of one good.

2.)
MRPL stands for Marginal revenue product of labor, it is defined as:
The cost which is being incurred by the firm to a hire a labor is called wage rate which can be thought of as a firm's marginal cost. The additoinal revenue which gets generated by hiring one more unit of labour is called as Marginal revenue product of labor (MRPL).

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