Question: social distancing and lockdowns amid the covid19 crisis have taken...
Social distancing and lockdowns amid the COVID-19 crisis have taken a tremendous toll on small businesses and employees, but they've also created new opportunities as the economy rebounds. We're already witnessing the rapid reinvention of industries such as healthcare, education, and manufacturing. Discuss:
1) Using fixed cost, marginal cost and average cost, how are businesses affected in the shortrun giving examples?
2) Discuss how firms or consumers are able to enjoy economies of scales with this changing trend of business.
Explain in detail for each question.