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28 August, 04:56

3. What is meant by economy of scale? Why would costs be im pacted by the quantity of garment that is produced?

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  1. 28 August, 05:10
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    Economies of Scale refer to the cost advantage experienced by a firm when it increases its level of output. The advantage arises due to the inverse relationship between per-unit fixed cost and the quantity produced. The greater the quantity of output produced, the lower the per-unit fixed cost.
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