Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 26, 2024

Show graphically and explain that, in the long run, firms gravitate towards a firm size that minimizes average long run cost (this involves the concept

Show graphically and explain that, in the long run, firms gravitate towards a firm size that minimizes average long run cost (this involves the concept of economies/diseconomies of scale).

Please explain it by using the intermediate microeconomics concept.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Economics A Problem Solving Approach

Authors: Luke M. Froeb, Brian T. McCann

1st Edition

0324359810, 9780324359817

More Books

Students also viewed these Economics questions

Question

★★★★★

Refer to the provisions of the Code of Hammurabi provided in the text on page 20. Using modern categories of law, characterize each provided rule. Procedural or substantive? Public or private? Civil...

Answered: 1 week ago

Question

★★★★★

What is meant by prior service cost? When is prior service cost recognized as pension expense?

Answered: 1 week ago

Question

★★★★★

Distinguish between the real self and the idealized self for Horney. What role does basic anxiety play in isolating the real self?

Answered: 1 week ago

Question

★★★★★

The controller of Hall Industries has collected the following monthly expense data for use in analyzing the cost behavior of maintenance costs. Instructions (a) Determine the fixed- and variable-cost...

Answered: 1 week ago

Question

★★★★★

#include "house.h " / * Updates the graphics for the window @ coordinates ( x , y ) to match the * ` state ` array. * * This function modifies the ` house ` array by updating the characters * inside...

Answered: 1 week ago

Question

★★★★★

As an economic consultant at Lightning Volt Automotive, your task is to calculate production costs and identify the various production costs that illustrate total cost curves as well as average and...

Answered: 1 week ago

Question

★★★★★

Gary is awarding a gift card randomly to a list of names on a spreadsheet. To keep it fair he wants to draw a number and then award it to the person located at that number on the list. What function...

Answered: 1 week ago

Question

★★★★★

According to the ISA 300 'Planning and Audit of Financial Statement'. Outline the overall content of this audit strategy and the audit plan.

Answered: 1 week ago

Question

★★★★★

John is an elderly Italian man who lost his wife, Debra, to cancer 4 months ago. Since her death, John has become very isolated and is having regular thoughts of suicide. John's neighbour rings the...

Answered: 1 week ago

Question

★★★★★

Suppose that the integral I = (a) Determine b. f(x) da can be represented by the following Riemann sum using right endpoints and ni subintervals: 49 (A) 2 2 2 7 7 7n 7 49 + 49 n n n n n n (b)...

Answered: 1 week ago

Question

★★★★★

Derive the differential equations describing the electrical and mechanical dynamics of a shunt- connected DC motor, shown in Figure P14.36; and draw a simulation block diagram of the system. The...

Answered: 1 week ago

Question

★★★★★

2. Start with a person you want to model. a. Use the five positions to investigate how this person positions himself in relation to others, i.e. how he uses the five positions in his interaction with...

Answered: 1 week ago

Question

★★★★★

1. Start with a leader that you want to model. a. What is the stated purpose of this person? b. What is the vision of this person? c. How does he seek to achieve his purpose and vision? d. What does...

Answered: 1 week ago

Question

★★★★★

2. Now change the performance so that you play out the dream in your inner the-atre. Apply colours to the images you envision. Give some pictures a stronger colour than others and vice versa. Also...

Answered: 1 week ago

Previous Question Next Question