This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The figure below shows a family of cost curves for a firm. The subscripts 1, 2, and 3 for the SRATC ... (Read 101 times)

xxxxxxxxxxxx

  • Full Member
  • ***
  • Posts: 142
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
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by xxxxxxxxxxxx on Oct 12, 2022

my33251

  • Full Member
  • ***
  • Posts: 158
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.
Answer Preview
Only 29% of students answer this correctly


xxxxxxxxxxxx

  • Member
  • Posts: 142
Reply 2 on: Oct 12, 2022
Great answer, keep it coming :)

chjcharjto14

  • Member
  • Posts: 342
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

There are actually 60 minerals, 16 vitamins, 12 essential amino acids, and three essential fatty acids that your body needs every day.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

The ratio of hydrogen atoms to oxygen in water (H2O) is 2:1.

Did you know?

More than 20 million Americans cite use of marijuana within the past 30 days, according to the National Survey on Drug Use and Health (NSDUH). More than 8 million admit to using it almost every day.

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Zebras are several species of African equids (horse family) united by their distinctive black and wh Zebras are several species of African equids (horse family) united by their distinctive black and wh
Meta-analysis of 18 studies shows that aerobic exercise causes better performance in older adults on Meta-analysis of 18 studies shows that aerobic exercise causes better performance in older adults on
Demonstrate the Application of Triangular, Figure-Eight, and Tubular Bandages Demonstrate the Application of Triangular, Figure-Eight, and Tubular Bandages
There is no such thing as the African American family, any more than there is the Native American, ... There is no such thing as the African American family, any more than there is the Native American, ...
Flow cytometry data that shows the differences in CD3+ CD4+ cells that occur with HIV infection. ... Flow cytometry data that shows the differences in CD3+ CD4+ cells that occur with HIV infection. ...
The family described in Example Case 4 The family described in Example Case 4
Video: ATPase function - membrane transport, contractile proteins and synthesis

For a complete list of videos, visit our video library