Please use your own words to answer the questions in the following.
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1. What do we mean by economies of scale?
2. What are internal economies of scale? What are external economies of scale? What are the sources of external economies of scale?
3. What is learning by doing (LBD)? What are LBD spillovers?
4. In medieval Europe, the production of woolen cloth was concentrated in a small number of towns. What explains this concentration, rather than having the production scattered over many different locations?
