Consider the following table of long-run average total costs for a firm. Does the firm experiences economies of scale , diseconomies of scale, constant return to scale or all of those? How do you know? Explain your answer. Quantity 8 10 11 12 LRATC 220 200 200 210 250

Q: Explain the differences between diminishing marginal returns and diseconomies of scale.

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A: PLEASE FIND THE ANSWER BELOW.

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A: Economies of scale means reducing production cost by increasing output at a large scale.

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Q: Diseconomies of scale exists over the range of output for which the long run average cost curve is?

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Q: Use the graph below to answer the following question. 10 8 Long Run Average Total Costs

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Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.