The lowest long-run average cost for whatsits is $50 per unit. To take advantage of
Chapter 5, Problem 30(choose chapter or problem)
The lowest long-run average cost for whatsits is $50 per unit. To take advantage of economies of scale and produce whatsits at this low cost, a firm would need to build a factory that could produce 5,000,000 whatsits per year. There are only 20,000 people who are willing to pay anything to buy a whatsit per year. Why wont a large whatsits factory be built?
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