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- Student Date 1) Describe the factors of production.Economics Question: Explain the concept of "economies of scale." How does it influence a firm's production costs, and what are the key factors that contribute to economies of scale? Don't use chatgpt please provide valuable answer otherwise be ready for disupvoteThe following question that I posted is considered as a one question. Problem is that its long and that's why I split it into two different ScreenShots so you can see the graphs easily.