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Author Question: What is a firm's minimum efficient scale? What will be an ideal ... (Read 53 times)

gonzo233

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on: Jun 29, 2018
What is a firm's minimum efficient scale?
 
  What will be an ideal response?

Question 2

Refer to Figure 6-9. The data in the diagram indicates that DVDs are
 
  A) luxury goods.
  B) inelastic goods.
  C) necessities.
  D) both luxury goods and inelastic goods.
  E) both necessities and inelastic goods.


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Tonyam972

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Minimum efficient scale is the smallest quantity of output at which long-run average cost reaches its lowest level. If the long-run average cost curve has the typical U shape, the minimum point of the LRAC identifies the level of output that represents the firm's minimum efficient scale.

Answer to Question 2

A


gonzo233

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

at

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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