Constant Marginal Cost. Consider a firm operating in the long run with an indivisible input that has
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Constant Marginal Cost. Consider a firm operating in the long run with an indivisible input that has a cost of $120. The marginal cost of production is constant at $3 per unit. Draw the firm’s long-run average-cost curve for 1 to 12 units of output. The long-run average cost drops from $ _______for the first unit to $_______ for the twelfthunit.
Related Book For
Macroeconomics Principles, Applications, and Tools
ISBN: 978-0132555234
7th Edition
Authors: Arthur O Sullivan, Steven M. Sheffrin, Stephen J. Perez
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