Question
Refer to Table 13-17. Which firm has constant returns to scale over the entire range of...
Refer to Table 13-17. Which firm has constant
returns to scale over the entire range of output?
Table 13-17
Consider the following table of long-run total cost for four
different firms:
| Quantity | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| Firm 1 | $180 | $350 | $510 | $660 | $800 | $930 | $1,050 |
| Firm 2 | $120 | $250 | $390 | $540 | $700 | $870 | $1,050 |
| Firm 3 | $150 | $300 | $450 | $600 | $750 | $900 | $1,050 |
| Firm 4 | $210 | $340 | $490 | $660 | $850 | $1,060 | $1,290 |
Firm 1
Firm 2
Firm 3
Firm 4
Homework Answers
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