Economies of scope can be explained in simple words as when the production of one good reduces the cost of producing another good. Overall marginal cost of producing second good goes down because same factors of production are being used for another good. It is different from economies of scale. In economies of scale, one product is produced on a larger scale but in economies of scope different products are produced using same machinery, labour, FOP and resources which results in reduced cost of another products. Acha idea hai, iss per aik video bana deta hun.
Assalamualaikum sir...mai apke all videos dekti hu i really love it...TQ sir acha smjaane k liye 👍but sir mere sem 1 start hai Feb 11 se economic ka BBA course k important questions dijiye na 🥺🤲🏻 Explain the Law of diminishing marginal returns 🙏🏻 Law of equi marginal utility
