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Author Question: Designing your products with proprietary technology, is a way to A) protect intellectual ... (Read 31 times)

bobbysung

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on: Jul 1, 2018
Designing your products with proprietary technology, is a way to
 
  A) protect intellectual property.
  B) increase switching costs for your customers.
  C) grandfather in your products.
  D) decrease your marginal cost.

Question 2

Explain why the long-run total cost curve, not the short-run total cost curve, shows the lowest cost of producing any level of output. Is there an exception?
 
  What will be an ideal response?


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mcomstock09

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

In the long run, all costs are variable so the firm can select the least-cost mix of all inputs to produce any given quantity. The exception would be at minimum long-run cost where min. LR and min. SR costs are equal.


bobbysung

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Reply 2 on: Jul 1, 2018
:D TYSM

olderstudent

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

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