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The differences between modern and traditional theory of costs relate to international trade. Traditional theorists thought that there should be a separation from internal trade and internal relations while modern theorists felt the terms were the same.
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∙ 9y ago
Modern theory of cost emphasizes concepts like economies of scale, cost minimization, and cost efficiency through technological innovation. Traditional theory of cost focuses more on fixed costs, variable costs, and total costs without much consideration for factors like economies of scale or technological advancements. Modern theory also considers long-run costs and the impact of competition on costs, while traditional theory is more focused on short-run cost analysis.
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