Consider a firm's short-run and long-run supply curves, pictured below. In the short run, one of the inputs to production is fixed. Suppose you know that, at an output of nine units, the fixed factor of production associated with the short-run marginal cost is at its optimal level. You also know that the long-run marginal cost of producing nine units is $9. Using the drag tool, place both the short-ru and the long-run supply curves into their correct positions within the graph. (Once you have made the necessary move(s), both suppl curves should be entirely within the graph.) To refer to the graphing tutorial for this question type, please click here.
Consider a firm's short-run and long-run supply curves, pictured below. In the short run, one of the inputs to production is fixed. Suppose you know that, at an output of nine units, the fixed factor of production associated with the short-run marginal cost is at its optimal level. You also know that the long-run marginal cost of producing nine units is $9. Using the drag tool, place both the short-ru and the long-run supply curves into their correct positions within the graph. (Once you have made the necessary move(s), both suppl curves should be entirely within the graph.) To refer to the graphing tutorial for this question type, please click here.
Chapter10: Cost Functions
Section: Chapter Questions
Problem 10.3P
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The long-run marginal cost of producing two units of output equals $
The short-run marginal cost of producing eight units equals $
Transcribed Image Text:Consider a firm's short-run and long-run supply curves, pictured below. In the short run, one of the inputs to production is fixed.
Suppose you know that, at an output of nine units, the fixed factor of production associated with the short-run marginal cost is at its
optimal level. You also know that the long-run marginal cost of producing nine units is $9. Using the drag tool, place both the short-rur
and the long-run supply curves into their correct positions within the graph. (Once you have made the necessary move(s), both supply
curves should be entirely within the graph.)
To refer to the graphing tutorial for this question type, please click here
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