Let's have a session on managerial economies of scale. So managerial economies of scale, along with purchasing economies of scale and technical economies of scale, are these economies of scale that you must know and you must know them well in order to fully analyse those questions. But firstly, let's just briefly look at the generic, the broad definition of economies of scale, which is just as output grows, your average cost per unit falls, it reduces. Now, managerial economies of scale. But in particular, workers serve. So as the business grows in scale, as its output grows, the business looks to employ specialist managers. And these specialist managers will clearly be paid a wage, probably a substantial wage. It could be you have a specialist manager, a logistics specialist manager, a procurement specialist manager, a finance specialist manager. But despite this higher wage, this higher cost that's now included, theoretically they are better able to organise your employees, the employees in the teams that they operate within. And that would lead to an increase in efficiency. So that's how it will work. But let's look at a crude example where we add one specialist manager to a growing business to show that it creates average cost per unit to full. So here in this business, before we add the one specialist employee, we have total costs. Total costs here of two million pounds and total units here. Total units are one million units. So total costs divided by total units comes to your ACPU, which is your average cost. per unit and that would be because million divided by million is quid. Now you add the specialist employee, that specialist manager in this case, and therefore you're paying them so your total cost now will be million plus the so million. Total cost, million. But he or she, the specialist manager, they will perhaps increase the efficiency within the business. Maybe a logistics specialist manager, they increase the efficiency and that allows you to now make an extra marginal gain of 200,000 units. So you get now. the one million you had before and this extra 200,000 units because of the specialist manager so you now have the total units of 1.2 million so total cost divided by total units 2.1 million divided by 1.2 million units comes to an average cost per unit of so clearly the average cost per unit has fallen and we can see it on an AC diagram here so your average cost per unit on this axis and your units on the other axis and you can see firstly we're at 1 million units of production and that came to per unit. We introduced a specialist manager, and that specialist manager allowed the units to increase to 1.2 million units, and that led to a fall in your average cost per unit to which is fantastic for a business because it will make their costs reduce and make them more price competitive. I hope that helps, and I'll see you at the next SASH.