The 24-hour day concept comes from the ancient Egyptians. They divided the day into 10 hours with devices like shadow clocks and then added one hour at each end (one for twilight and one at the end of the day). Later, a T-shaped bar was...

In this video I explain the idea of what happens to output and costs in the long-run. I cover two similar but different ideas: increasing retruns to scale and economies of scale. The first one focuses on what happens to output and the...