Microeconomic Analysis practice questions:

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Question 13 {2 points) Q7R. A recent study concluded that a technically efficient and cost-effective processing plant should process 8400 birds per hour. Expanding this processing rate to an annual production volume results in an estimated minimum efficient scale (MES) value of 0.033 percent of the market. Does this result show that a large number of plants and firms in the broiler chicken industry is possible? Explain your answer. Question 14 {2 points) Q7E1. Graph and upload to Dropbox the long run average total cost curve (LRATC) at its minimum efficient scale assuming there are a few large firms in the industry. Question 15 (2 points] Q7E2. Describe the major differences between the economies of scale segment of the long run average cost curve and the diseconomies of scale segment of the curve. Question 16 (2 points] Q?E3. Describe the "envelope" relationship between the short-run average total cost curve and the long run average total cost curve. Question 17 {2 points] Q7E4. Describe the competitive advantages firms may be able to realize by operating in the economies of scale segment of the long run average total cost curve