Answer to Question #48539 in Microeconomics for Yoyo

Question #48539
Suppose the output (q) produced by different amounts of labour (L) hired by a firm is given below:
L 0 1 2 3 4 5 6
q 0 3 9 18 24 27 28
Assume that the short-run cost curves are drawn for the long-run efficient plant size and that all firms in the industry are identical. Are any of the market prices from part (d) a long-run equilibrium price? Explain.
1
Expert's answer
2014-11-12T08:44:56-0500
The answer to the question is available in the PDF file https://www.assignmentexpert.com/https://www.assignmentexpert.com/homework-answers/economics-answer-48539.pdf

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS