Consider the following diagram of SRATC and LRAC curves. a. The SRATC curve is drawn for a
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Consider the following diagram of SRATC and LRAC curves.
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b. What is the level of output for which this plant size is optimal in the long run? What are unit costs in the short run at this level of output?
c. Explain the economics of why c1 is greater than C4.
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