Describe the shape of the long run average cost curve if, Ask an Expert

Economics

Q1. Describe the concept of returns to scale with the assist of expansion path.

Q2. Describe the shape of the long run average cost curve if production is subject to:

a) Increasing
b) Constant
c) Decreasing returns to scale.

Q3. When a specific tax is imposed then illustrate that from the buyer’s point of view price increases and from the seller’s point of view price falls.

Q4. Let consider a perfectly competitive market for wheat. Determine the impact of a price support program on quantity demanded and quantity supplied. Do you think that the price support is accountable for overproduction?

Q5. describe why a producer under perfectly competitive market conditions is for all time a price taker.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M912785

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