List and Discuss Several Factors That Are Expected to Change

question 74

Essay

List and discuss several factors that are expected to change the face of retailing during the next decade.

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Definitions:

Returns to Scale

The rate at which output increases as inputs are increased proportionally in the production process.

Scale of Production

The level at which a production process is operating, ranging from small to large scale based on output volume and capacity.

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output decreasing with increasing scale.

Average Total Cost

The total cost of production divided by the total quantity produced, indicating the per unit cost of production.