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Practice Problem of the Day, 10/24/2013

October 24th, 2013 · 1 Comment
Practice Problem of the Day

This problem shows how to distinguish short-run costs from long-run costs, calculates some short-run and long-run costs, and introduces properties of long-run costs such as economies of scale, diseconomies of scale, and constant returns to scale. The problem is taken from Economics: Principles and Applications, 6th Edition, by Robert Hall and Marc Lieberman, and is Ch. 7 problem #4.

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1 response so far ↓

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