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Author Question: The figure below shows a family of cost curves for a firm. The subscripts 1, 2, and 3 for the SRATC ... (Read 57 times)

xxxxxxxxxxxx

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on: Oct 12, 2022

The figure below shows a family of cost curves for a firm. The subscripts 1, 2, and 3 for the SRATC curves refer to different plant sizes.



FIGURE 8-2

Refer to Figure 8-2. What is the difference between the SRATC curves and the LRAC curve?


◦ The SRATC curves show the lowest attainable cost of production at each level of output when all factors are variable in the short run, whereas the LRAC curve shows the same in the long run.
◦ The SRATC curves show the optimal plant size when all factors of production are variable, whereas the LRAC shows the lowest cost attainable associated with each LRAC curve.
◦ The LRAC is an envelope curve, joining the minimum points on all SRATC curves.
◦ For the SRATC curves, one or more of the factors of production is fixed, whereas for the LRAC curve, all factors of production are variable.
◦ The SRATC curves show diseconomies of scales, whereas the LRAC curve shows economies of scale.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by xxxxxxxxxxxx on Oct 12, 2022

my33251

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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xxxxxxxxxxxx

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Reply 2 on: Oct 12, 2022
YES! Correct, THANKS for helping me on my review

amcvicar

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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