Table 13-17 Consider the following table of long-run total cost for four different firms: Quantity Firm 1 Firm 2 Firm 3 Firm 4 3 $350 $250 $300 $660 $540 $180 $930 $870 $900 $1,060 $1,050 $1,050 $1,050 |$1,290 S510 $800 $390 $450 $490 $700 $750 $850 $120 $150 $600 $210 $340 $660 Refer to Table 13-17. Which firm has constant returns to scale over the entire range of output? Firm 1 6. a. b. Firm 2 с. Firm 3 d. Firm 4
Table 13-17 Consider the following table of long-run total cost for four different firms: Quantity Firm 1 Firm 2 Firm 3 Firm 4 3 $350 $250 $300 $660 $540 $180 $930 $870 $900 $1,060 $1,050 $1,050 $1,050 |$1,290 S510 $800 $390 $450 $490 $700 $750 $850 $120 $150 $600 $210 $340 $660 Refer to Table 13-17. Which firm has constant returns to scale over the entire range of output? Firm 1 6. a. b. Firm 2 с. Firm 3 d. Firm 4
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Table 13-17
Consider the following table of long-run total cost for four different firms:
Quantity
Firm 1
Firm 2
Firm 3
Firm 4
$350
$250
$300
$340
3
$510
$390
$450
$490
$180
$120
$660
$540
$800
$930
$870
$900
|$1,060
$1,050
$1,050
|$1,050
$1,290
$700
$150
$600
$750
$210
$660
$850
Refer to Table 13-17. Which firm has constant returns to scale over the entire range of output?
Firm 1
6.
a.
b.
Firm 2
с.
Firm 3
d.
Firm 4
Transcribed Image Text:7.
Refer to Table 13-17. Which firm has disecconomies of scale over the entire range of output?
Firm 1 only
Firm 2 only
Firms 1 and 2 only
Firm 3 only
a.
b.
с.
d.
Refer to Table 13-17. Which firm has economies of scale over the entire range of output?
Firm 1 only
Firms 1 and 2 only
Firm 2 only
Firm 3 only
8.
a.
b.
с.
d.
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