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> == VWQ7 Q10 Unanswered ☑ Refer to VWQ7 Q8. The picture below shows 4 short-run average total cost curves (SRATC), one for each level of capital, K = 1, 2, 3, 4. The scalloped curve in bold enveloping the short-run average total cost curves show the long-run average cost curve. The firm is currently using K=1 units of capital to produce 400 units of output. What is the long-run average cost of producing 400 units? Write your answer in numeric only. For example if your answer is "$5", type "5". [ Numeric answer Type your response Cost SRATC1 $1,000 SRATC2 SRATC4 SRATC3 $600 300 400 500 800 Submit

> == VWQ7 Q10 Unanswered ☑ Refer to VWQ7 Q8. The picture below shows 4 short-run average total cost curves (SRATC), one for each level of capital, K = 1, 2, 3, 4. The scalloped curve in bold enveloping the short-run average total cost curves show the long-run average cost curve. The firm is currently using K=1 units of capital to produce 400 units of output. What is the long-run average cost of producing 400 units? Write your answer in numeric only. For example if your answer is "$5", type "5". [ Numeric answer Type your response Cost SRATC1 $1,000 SRATC2 SRATC4 SRATC3 $600 300 400 500 800 Submit

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section12.4: Costs In The Short Run And In The Long Run
Problem 4QQ
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> == VWQ7 Q10 Unanswered ☑ Refer to VWQ7 Q8. The picture below shows 4 short-run average total cost curves (SRATC), one for each level of capital, K = 1, 2, 3, 4. The scalloped curve in bold enveloping the short-run average total cost curves show the long-run average cost curve. The firm is currently using K=1 units of capital to produce 400 units of output. What is the long-run average cost of producing 400 units? Write your answer in numeric only. For example if your answer is "$5", type "5". [ Numeric answer Type your response Cost SRATC1 $1,000 SRATC2 SRATC4 SRATC3 $600 300 400 500 800 Submit
Transcribed Image Text:> == VWQ7 Q10 Unanswered ☑ Refer to VWQ7 Q8. The picture below shows 4 short-run average total cost curves (SRATC), one for each level of capital, K = 1, 2, 3, 4. The scalloped curve in bold enveloping the short-run average total cost curves show the long-run average cost curve. The firm is currently using K=1 units of capital to produce 400 units of output. What is the long-run average cost of producing 400 units? Write your answer in numeric only. For example if your answer is "$5", type "5". [ Numeric answer Type your response Cost SRATC1 $1,000 SRATC2 SRATC4 SRATC3 $600 300 400 500 800 Submit
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