ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (SRATC) and the long-run average total cost curve (LRATC); for example, Q1 marks the point of tangency between SRATC1 and LRATC. The orange point on SRATC3 indicates the firm's current output level in the short run (24). COST PER UNIT SRATC LRATC SRATC SRATC SRATC 2 fasy 1 23 24 ©22 to 24 0 to 23 22 Q₂ 1 Q₂ OUTPUT I SRATC 5 Q5 In the long run, if the firm decides to keep output at its initial level, what will it likely do? Stay on SRATC3 but decrease to the point touching LRATC Shut down Shift to operate on SRATC4 Shift to operate on SRATC2 ? At which output level (or range of output levels) does the firm produce its current volume of output most efficiently?
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Transcribed Image Text:The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (SRATC) and the long-run average total cost curve (LRATC); for example, Q1 marks the point of tangency between SRATC1 and LRATC. The orange point on SRATC3 indicates the firm's current output level in the short run (24). COST PER UNIT SRATC LRATC SRATC SRATC SRATC 2 fasy 1 23 24 ©22 to 24 0 to 23 22 Q₂ 1 Q₂ OUTPUT I SRATC 5 Q5 In the long run, if the firm decides to keep output at its initial level, what will it likely do? Stay on SRATC3 but decrease to the point touching LRATC Shut down Shift to operate on SRATC4 Shift to operate on SRATC2 ? At which output level (or range of output levels) does the firm produce its current volume of output most efficiently?
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