Can you apply the marginal average rule and economics of scale to some of the ar

Question

Can you apply the marginal average rule and economics of scale to some of the areas of your life and the things you produce (work, leisure, family, etc). How can you become a more efficient producer in these areas using the lessons in these concepts? Can you apply the marginal average rule and economics of scale to some of the areas of your life and the things you produce (work, leisure, family, etc). How can you become a more efficient producer in these areas using the lessons in these concepts?

Explanation / Answer

Yes there are many ways of applying these concepts in our daily life like we can decide our average study time per day or per month we can get marginal product of any type of work we do like marginal product of cooking something, marginal product of washing clothes and also we can find economics of scale of these work as well like if the number of clothes we wash by applying one additional hour is increase then there is increasing returns to scale

If the number of clothes we wash by applying one additional hour is same for all period of time then there is constant returns to scale.

And if this number is decreasing then there is decreasing returns to scale.

We can become more efficient in these areas by finding most effective technique or method by comparing the output of different techniques.

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