Discuss the Goals of the Firm and Explain how Firms Can Achieve Internal and External Economies of Scale in Production

The objectives of the firm can be viewed as the motives of the entrepreneur/s who own and run the firm. There a number of goals that firm can pursue in its day to day operations - it may try to maximise profits, sales or growth, meeting shareholder expectations, or increasing market share.
Maximising profits - making the biggest possible profit, or the smallest possible loss - is recognised as the main objective of most firms. Profit is the difference between the firm's total revenue (output sold multiplied by price) and its total cost of production.…