Hello Sir, hope you're doing great and are safe.
Could you please elaborate this phrase and help me understand this point,
'' The significance of the learning curve is that, by increasing its share of the market, a company can benefit from shop floor, managerial and technological 'learning' to achieve economies of scale.''
I do get what is meant by economies of scale but i just don't understand this.
Thanks in advance.
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LEARNING CURVE
It is saying that because they will be producing more units they will get more efficient at it and therefore the time per unit will reduce.
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