Table 12-15
Consider the following table of long-run total cost for four different firms:

-Refer to Table 12-13.Firm 1's efficient scale occurs at what quantity?

Name: Table 12-15 Consider the following table of long-run total cost for four different firms: -Refer to Table 12-13.Firm 1's efficient scale occurs at what quantity?
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Question

Table 12-15
Consider the following table of long-run total cost for four different firms:
 
-Refer to Table 12-13.Firm 1's efficient scale occurs at what quantity?

Quizplus · Accepted Answer

Firm 1's efficient scale occurs at a quantity of 3 because at this quantity, the firm's average total cost is minimized.

Table 12-15 Consider the Following Table of Long-Run Total Cost for Four