$200.000 Enterprise value sensitivity to economies of scale in Cost of Goods $180.000 Sold 185.719 179.936 174.154 $160.000 168.371 162.589 156.806 151.024 $140.000 145.241 139.459 133.676 $120.000 127.894 $100.000 $80,000 $60,000 $40,000 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% % of economies of scale in COGS