Scale of
Production:
Scale of production is set by the
size of plant, the number of plants installed and the technique
of production adopted by the producer.
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The economies of large scale
production are classified by Marshall into (1)
Internal Economies and (2) External Economies.
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Small
scale production firms has the actual survival value side by with large scale
production. The facts are that small scale firms have a
firm footing along with the large scale firms.
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By 'localization of industries'
is
meant the tendency on the part of industries to
be concentrated in regions which are most suited for their
development.
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Optimum firm is that
firm which fully utilizes its scale of operation and produces
optimum output with the minimum cost per unit production.
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