8. Long Run Average Costs The table below sets out the data for three short-run ATC curves that reect production at three different size plants. The rm can build one ofthese plants. Schedule -smc me 100 100 170 100 530 200 200 130 200 440 200 300 n 300 350 300 50 400 u 400 270 400 50 500 40 500 200 500 m 70 600 30 600 140 800 140 800 40 800 700 100 700 700 110 700 m m 70 mm 250 100 1000 320 160 -\" 1100 400 250 100 1200 l. Derive the long-run average cost curve by selecting the least cost production for each level of output. Sketch your short-run and long-run average cost curves on a grid with Cost along the vertical axis (to a max of 560) and Output along the horizontal (to a max of 1300). 2. Which plant should the rm build if it wishes to produce a. 300 units ofoutput? b. 700 units of output? c. 1100 units of output? 3. Over what range of output does the long-run average cost curve experience :1. Economics of scale? b. Diseconomies of scale? c. Constant returns to scale