Drag the marker labelled 'Point of minimum efficient scale' to the point of the LRAC curve that corresponds to the point of minimum efficient scale of the firm. The marker is the small circle and you should place the centre of the circle over your chosen position. Figure 2 Long run average cost curve for a firm Point of minimum efficient scale Quantity Cost
Drag the marker labelled 'Point of minimum efficient scale' to the point of the LRAC curve that corresponds to the point of minimum efficient scale of the firm. The marker is the small circle and you should place the centre of the circle over your chosen position. Figure 2 Long run average cost curve for a firm Point of minimum efficient scale Quantity Cost
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 33CTQ: Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then...
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on the long run average cost curve can you mark where this would be on the curve?
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