A profit-maximizing firm with variable labour and capital will always produce at the minimum point of the long run average cost curve. True false or uncertain
1
Expert's answer
2015-03-14T09:50:36-0400
A profit-maximizing firm with variable labor and capital will produce at the minimum point of the long run average cost curve only in the long run and will receive normal (zero) profit. But in the short run it will receive profit or loss and produce at some point of the short run average total cost curve. So, the statement is false.
Numbers and figures are an essential part of our world, necessary for almost everything we do every day. As important…
APPROVED BY CLIENTS
"assignmentexpert.com" is professional group of people in Math subjects! They did assignments in very high level of mathematical modelling in the best quality. Thanks a lot
Comments
Leave a comment