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Question 18M.1.HL.TZ1.a

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Date May 2018 Marks available [Maximum mark: 10] Reference code 18M.1.HL.TZ1.a
Level HL Paper 1 Time zone TZ1
Command term Explain Question number a Adapted from N/A
a.
[Maximum mark: 10]
18M.1.HL.TZ1.a

Explain two factors that might give rise to economies of scale for a firm.

[10]

Markscheme

Answers may include:

  • definition of economies of scale
  • diagram to show the impact of economies of scale on the shape of the long run average cost curve
  • an explanation of two factors that give rise to economies of scale like specialisation, financial, technical, bulk buying.etc.
  • example(s) of economies of scale.

Marks should be allocated according to the Paper 1 markbands for May 2013 forward, part A.

Syllabus sections