Essay
Suppose that three different technologies can be used to produce a special product.The following table shows the total cost related to each technology for the amount of output produced per day.A firm is considering adopting a proper technology to produce this special product.Derive the long-run average- total-cost curve to help the firm making its decision.Quantity 1 2 3 4 5 6 7
Firm 1 $30 $40 $50 $60 $75 $90 $110
Firm 2 15 25 39 56 75 96 119
Firm 3 21 29 37 50 68 106 132
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