1. What does an expansion path represent?
2. Along an expansion path, what is changing and what is held constant?
3. What does a long-run cost curve represent?
4. Describe the connection between an expansion path and a long-run total cost curve？
5. An expansion path is similar to what curve from consumer theory?
6. How is the long-run total cost function related to the input demand functions? Express this relationship mathematically.
7. Describe how to derive the long-run total cost function step-by-step
8. What is true about a firm’s marginal cost when its production exhibits constant returns to scale?

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What does an expansion path represent A path on which every point is an equilibrium point Along an e... View the full answer