(a) Explain the term internal economies of scale. [4 marks] (b) Outline any four economies
ECONOMICS
WAEC 2008
(a) Explain the term internal economies of scale. [4 marks]
(b) Outline any four economies of scale a firm enjoys as it grows in size. [16marks]
Correct Answer:
Explanation
(a) Internal economies of scale are benefits a firm enjoys as it grows in size
(b) Such economies Include.
(i) Technical economies
(ii) Risk-bearing economies
(iii) Marketing economies
(iv) Administrative/managerial economies
(v) Welfare economies
(vi) Research economies
(vii) Financial economies
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