Refer to the figure on the right. Suppose the output of a large aluminum firm rises from 1 million pounds to 2 million pounds per year. The long-run average cost of producing aluminum will go from $ to $ (Enter your responses rounded to the nearest penny.) $2.80 2.10 C 1.60 LAC 0.50 1.00 1.50 2.00 2.50 Million of pounds of Aluminum per year

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
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Refer to the figure on the right. Suppose the output of a large aluminum firm rises from 1 million
pounds to 2 million pounds per year. The long-run average cost of producing aluminum will go
from $ to $
(Enter your responses rounded to the nearest penny.)
$2.80
2.10
C
1.60
LAC
0.50
1.00 1.50
2.00 2.50
Million of pounds of Aluminum per year
Transcribed Image Text:Refer to the figure on the right. Suppose the output of a large aluminum firm rises from 1 million pounds to 2 million pounds per year. The long-run average cost of producing aluminum will go from $ to $ (Enter your responses rounded to the nearest penny.) $2.80 2.10 C 1.60 LAC 0.50 1.00 1.50 2.00 2.50 Million of pounds of Aluminum per year
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