Draw the Long-Run Cost Curve. Consider the long-run production of shirts. The cost of the indivisible inputs used in the production of shirts is $400 per day. To produce one shirt per day, the firm must also spend a total of $5 on other inputs-labor, materials, and other capital. For each additional shirt, the firm incurs the same additional cost of $5. a. Compute the average cost for 40 shirts, 100 shirts, 200 shirts, and 400 shirts. b. Draw the long-run average-cost curve for 40 to 400 shirts per day.

Draw the Long-Run Cost Curve. Consider the long-run production of shirts. The cost of the indivisible inputs used in the production of shirts is $400 per day. To produce one shirt per day, the firm must also spend a total of $5 on other inputs-labor, materials, and other capital. For each additional shirt, the firm incurs the same additional cost of $5. a. Compute the average cost for 40 shirts, 100 shirts, 200 shirts, and 400 shirts. b. Draw the long-run average-cost curve for 40 to 400 shirts per day.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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