Based on the information provided in the table below, which of the three firms experiences economies of scale, constant returns to scale, and diseconomies of scale? (Please explain in details with graph) output TC of Firm 1 TC of Firm 2 TC of Firm 3 1 $100 $25 $50 2 $110 $60 $100 3 $120 $100 $150 4 $130 $160 $200 5 $140 $220 $250 6 $150 $280 $300

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Cost of Production

The entire idea of the cost of production or production cost is applied corresponding, or we can say that it is related to monetary cost. Money cost refers to any money expenditure which the firm or supplier, or producer undertakes in purchasing or hiring factor of production or factor services.