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Use the Short- and Long-Run Av. Costs Graph above for Questions 16 - 19: 16. For a planned output level of 100 units, which Short-run
Use the Short- and Long-Run Av. Costs Graph above for Questions 16 - 19: 16. For a "planned" output level of 100 units, which Short-run Average Cost curve (fixed input "size") gives you lowest average cost: SRAC1, 2, 3, 4 or 5? 17. For a "planned" output level of 150 units, which Short-run Average Cost curve (fixed input "size") gives you lowest average cost: SRAC1, 2, 3, 4 or 5? 18. For a "planned" output level of 50 units, which Short-run Average Cost curve (fixed input "size") gives you lowest average cost: SRAC1, 2,3, 4, or 5? 19. Going from SRAC 1 to SRAC 2. g the Long Run Average Cost curve, LRAC, do you experience Increasing Returns to Scale, Decreasing Returns to Scale, or Constant Returns to Scale? 20. List two other names used for "INCREASING Returns to Scale": 21. List two other names used for "DECREASING" Returns to Scale: No day is complete without Econ
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