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.

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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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