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03-11-2008, 06:37 PM
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| Economics problem. Please help.?
I've been breaking my head over this problem: Here is a table of values: Q - TC1 - TC2 0 - - 0 -- 350 1 - 300 - 400 2 - 400 - 435 3 - 465 - 465 4 - 495 - 505 5 - 560 - 560 6 - 600 - 635 7 - 700 - 735 a)At what output level would the firm's short run and long-run input mixes be the same? b)Starting from producing 2 units, the managers decide to double production to 4 units. So they simply double all of their inputs in the long run. Comment on their managerial skills. I really appreciate your help!      |
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03-11-2008, 06:38 PM
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first tell me what is TC1 and TC2?If they represent SR and LR costs...then at 5 units of output they are same.
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