What is the mrts long-run total cost and long-run average


I need assistance with the questions:

Q L* K*

70 5 20

120 7 7

200 12 24

R=120

W=15

What is the MRTS, long-run total cost, and long-run average cost when the firm produces 70?  Show your work.

What is the MRTS, long-run total cost, and long-run average cost when the firm produces 120?  Show your work.

What is the MRTS, long-run total cost, and long-run average cost when the firm produces 200?  Show your work.

Over what range of output does the firm experience diseconomies of scale?  Explain.

Over what range of output does the firm experience economies of scale?  Explain.

Solution Preview :

Prepared by a verified Expert
Business Economics: What is the mrts long-run total cost and long-run average
Reference No:- TGS02624753

Now Priced at $10 (50% Discount)

Recommended (91%)

Rated (4.3/5)