As The Firm In The Diagram Expands From Plant Size 1 To Plant Size 3 It Experiences
Equilibrium of the firm and the industry in long run. The firm adjusts its plant size so as to produce that level of output at which the lac is the minimum possible given the technology and the prices of factors of production.
Even if the factor prices for the industry as a whole remain constant as the industry expands.
As the firm in the diagram expands from plant size 1 to plant size 3 it experiences. As the firm in the diagram expands from plant size 3 to plant size 5 it experiences. D to produce 250 units the firm will choose plant size 3 since its atc is lowest for production of more than 240 units. As the firm in the above diagram expands from plant size 3 to plant size 5 it experiences.
It is important to explain the concept of optimum firm. As the firm in the diagram expands from plant size 1 to plant size 3 it experiences. More specifically optimum or best firm is considered as one that has set up a plant with lowest possible cost and is also operating it at its lowest average cost point.
The diagram shows the short run average total cost curves for five different plant sizes of a firm. As the firms in the above diagram expands from the plant size 1 to plant size 3 it experiences. The long run average cost curve drawn on this diagram would trace atc 1 as far as 80 units.
C to produce 160 units the firm will choose plant size 2 since its atc is lowest for producing between 80 and 240 units. If in the long run the firm. As the firm in the above diagram expands from plant size 1 to plant size 3 it experiences.
As the firm in the above diagram expands from plant size 3 to plant size 5 it experiences. The optimum firm refers to the best or ideal size of the firm. The above diagram shows the short run average total cost curves for five different plant sizes of a firm.
As the firm in the above diagram expands from plant size 1 to plant size 3 it experiences. As the firm in the above diagram expands from plant size 3 to plant size 5 it experiences. In the long run the firm.
Answer to as the firm in the diagram expands from plant size 1 to plant size 3 it experiences. As the firm in the above diagram expands from plant size 3 to plant size 5 it experiences. The above diagram shows the short run average total cost curves for five different plant sizes of a firm.
In the long run the firm should use plant size c for. The concept of optimum firm in economics. Answer to as the firm in the above diagram expands from plant size 1 to plant size 3 it experiencesa.
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