Question: What does an expansion path represent? Along an expansion path, what is changing and what is held constant? What does a long-run cost curve represent?

  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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