*7 In problem 3, Rubber Dinghies buys a second plant and now the total product of each...
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*7 In problem 3, Rubber Dinghies buys a second plant and now the total product of each quantity of labour doubles. The total fixed cost of operating each plant is a1,000 a week. The wage rate is a400 a week. a Set out the average total cost schedule when Rubber Dinghies operates two plants. b Draw the long-run average cost curve. c Over what output range is it efficient to operate one plant and two plants?
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