Answer to Question #48539 in Microeconomics for Yoyo

Question #48539
Suppose the output (q) produced by different amounts of labour (L) hired by a firm is given below: L 0 1 2 3 4 5 6 q 0 3 9 18 24 27 28 Assume that the short-run cost curves are drawn for the long-run efficient plant size and that all firms in the industry are identical. Are any of the market prices from part (d) a long-run equilibrium price? Explain.
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Expert's answer
2014-11-12T08:44:56-0500
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