14. A firm’s long-run total costs are given in the table below.   Output Long Run Total Cost Long Run Average Total Cost 0 18   1 24   2 28   3 30   4 34   5 40   6 48   7 63   8 80     Fill in the long-run average total cost column. Over what production range does this firm experience economies of scale? Over what production range does this firm experience constant returns to scale? Over what production range does this firm experience diseconomies of scale?

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Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.