The link between cumulative volumes of production and cost has been formalized in the concept of the learning curve.

Name: The link between cumulative volumes of production and cost has been formalized in the concept of the learning curve.
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Question

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The learning curve concept illustrates that as the cumulative volume of production increases, the cost per unit decreases due to improvements in efficiency, productivity and experience gained.

The Link Between Cumulative Volumes of Production and Cost Has