The table shows three short-run cost schedules for three plants of different sizes that a firm might build in the long run.Plant 1Plant 2Plant 3OutputATCOutputATCOutputATC10$ 1010$ 1510$ 20209201020153083073010409401040850105014509What is the long-run average cost of producing 20 units of output?Multiple Choice$15О$10○ $34О$9

Average Total Cost -The cost per unit generated inside an organization is referred to as the…

table shows three short-run cost schedules for three plants of different sizes that a firm might build in t Plant 1 Plant 2 Plant 3 tput ATC Output ATC Output ATC 10 $ 10 10 $ 15 10 $ 20 20 9 20 10 20 15 30 8 30 7 30 10 40 9 40 10 40 8 50 10 50 14 50 9 is the long-run average cost of producing 20 units of output?

table shows three short-run cost schedules for three plants of different sizes that a firm might build in t Plant 1 Plant 2 Plant 3 tput ATC Output ATC Output ATC 10 $ 10 10 $ 15 10 $ 20 20 9 20 10 20 15 30 8 30 7 30 10 40 9 40 10 40 8 50 10 50 14 50 9 is the long-run average cost of producing 20 units of output?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 28RQ: What shape of a long-run average cost curve illustrates economies of scale, constant returns to...

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Concept explainers

Cost of Production

The entire idea of the cost of production or production cost is applied corresponding, or we can say that it is related to monetary cost. Money cost refers to any money expenditure which the firm or supplier, or producer undertakes in purchasing or hiring factor of production or factor services.

Question

The table shows three short-run cost schedules for three plants of different sizes that a firm might build in the long run.
Plant 1
Plant 2
Plant 3
Output
ATC
Output
ATC
Output
ATC
10
$ 10
10
$ 15
10
$ 20
20
9
20
10
20
15
30
8
30
7
30
10
40
9
40
10
40
8
50
10
50
14
50
9
What is the long-run average cost of producing 20 units of output?
Multiple Choice
$15
О
$10
○ $34
О
$9

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