Using the data in Table 1, explain how there are economies of scale in the global production of commercial solar panels.

Table 1: Global production of commercial solar panels

• 2019: Output of 12 GW, Average Cost of $220 per kWp
• 2024 (estimate): Output of 45 GW, Average Cost of $130 per kWp
• 2029 (estimate): Output of 65 GW, Average Cost of $95 per kWp