76 776
Assignments Done
Successfully Done
In June 2019

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.
Expert's answer

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!


No comments. Be first!

Leave a comment

Ask Your question

Privacy policy Terms and Conditions