ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Elegant Settings manufactures stainless steel cutlery. The table below shows the
company's cost data.
Quantity Long-Run Average
(sets)
100
200
300
400
500
Cost
$40
35
30
30
35
Refer to the table above, Elegant Settings experiences
diminishing returns up to an output level of 400.
economies of scale at an output of 300 or less and diseconomies of scale at an
output level above 400.
economies of scale up to an output level of 400.
increasing returns beyond an output level of 400.
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Transcribed Image Text:Elegant Settings manufactures stainless steel cutlery. The table below shows the company's cost data. Quantity Long-Run Average (sets) 100 200 300 400 500 Cost $40 35 30 30 35 Refer to the table above, Elegant Settings experiences diminishing returns up to an output level of 400. economies of scale at an output of 300 or less and diseconomies of scale at an output level above 400. economies of scale up to an output level of 400. increasing returns beyond an output level of 400.
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