The values for the long-run ATC curves of three different firms are listed in the table below:
|
Quantity
|
ATC 1
|
ATC 2
|
ATC 3
|
|
5
|
10
|
7
|
12
|
|
10
|
8
|
6
|
9
|
|
15
|
7
|
5
|
7
|
|
20
|
6
|
6
|
6
|
|
25
|
6
|
7
|
5
|
|
30
|
6
|
9
|
4
|
|
35
|
7
|
13
|
6
|
|
40
|
8
|
17
|
9
|
(a) Which firm faces the lowest minimum ATC?
(b) Which firm has the greatest minimum efficient scale?
(c) Which firm has the smallest economies of scale?