Quantity O c. Firm 2 O d. Firm 3 FIN 1 2 3 4 5 6 7 Table 13-12 Long-Run Total Cost (Dollars) Firm 1 Firm 2 Firm 3 Firm 4 180 120 150 210 350 250 300 340 510 390 450 490 660 540 600 660 800 700 750 850 930 870 900 1,060 1,050 1,050 1,050 1,290 Refer to Table 13-12. Which firm has constant returns to scale over the entire range of output? O a. Firm 4 O b. Firm 1
Quantity O c. Firm 2 O d. Firm 3 FIN 1 2 3 4 5 6 7 Table 13-12 Long-Run Total Cost (Dollars) Firm 1 Firm 2 Firm 3 Firm 4 180 120 150 210 350 250 300 340 510 390 450 490 660 540 600 660 800 700 750 850 930 870 900 1,060 1,050 1,050 1,050 1,290 Refer to Table 13-12. Which firm has constant returns to scale over the entire range of output? O a. Firm 4 O b. Firm 1
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 28RQ: What shape of a long-run average cost curve illustrates economies of scale, constant returns to...
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