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Using the notion of economies of scale explain why specialised service suppliers (like financial consultants for...

Using the notion of economies of scale explain why specialised service suppliers (like financial consultants for asset management, or lawyers for celebrities, or orthodontists) are only found in big markets. Draw a graph of demand and average total cost of production to illustrate your answer.

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Answer #1

Specialised services like asset management consultants are found in big markets as client base is growing and maturing and thus huge opportunities lie ahead. Moreover such markets have high ticket size of order book and better affordability for premium services and has accessibility and availability of services due to better infrastructure in bigger markets giving them better economies of scale.

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