Yongwook Paik Defines Economies of Scope

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    • 00:11

      YONGWOOK PAIK: The concept of economies of scopeentails cost advantages as the number of products increasesat the firm level. [Yongwook Paik, Assistant Professorof Management and Organization] So for example,when a firm like Coca Cola produces regular Coke, DietCoke, Coke Zero, and even bottled water,

    • 00:34

      YONGWOOK PAIK [continued]: they can actually take advantage of a single packagingline that's common across all products.And therefore, Coca Cola is able to reduce cost and lowerthe average cost of producing each product by havinga common packaging or bottom line that's sharesacross a number of products.

    • 00:55

      YONGWOOK PAIK [continued]: That's what economies of scope is.

Yongwook Paik Defines Economies of Scope

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Abstract

Professor Yongwook Paik explains the economy of scope as having cost advantages as the number of products increases. He demonstrates how manufacturers can control costs and manage a product line efficiently.

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Yongwook Paik Defines Economies of Scope

Professor Yongwook Paik explains the economy of scope as having cost advantages as the number of products increases. He demonstrates how manufacturers can control costs and manage a product line efficiently.

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