Why is the long-run average total cost curve described as an envelope curve? What is it enveloping?
Answer to relevant QuestionsWhat do economists mean by downsizing? Complete the following table, then plot the TC curve on a graph. (a) What differentiates the entrepreneur from other factors of production (b) Who and what are stakeholders? (c) How do they differ from stockholders? Suppose price falls to $34. Where should the firm produce, if at all? Does the firm maximize profit or minimize loss at that output level? How much? Describe the major factors distinguishing market structures.
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