Table 13-10
Consider the following table of long-run total cost for four different firms

-Refer to Table 13-10.Firm 1's efficient scale occurs at what quantity?

Name: Table 13-10 Consider the following table of long-run total cost for four different firms -Refer to Table 13-10.Firm 1's efficient scale occurs at what quantity?
Brand: Quizplus
Rating: 4.8 (49 reviews)

Question

Table 13-10
Consider the following table of long-run total cost for four different firms
 
-Refer to Table 13-10.Firm 1's efficient scale occurs at what quantity?

Quizplus · Accepted Answer

Efficient scale occurs where LRAC is minimum. The minimum LRAC for Firm 1 is at a quantity of 3, which is its efficient scale.

Table 13-10 Consider the Following Table of Long-Run Total Cost for Four