The table below comes from cost data from the long run total cost function. It shows the monthly output and total monthly cost of USB drives for three firms in the industry. Given the information in the table, can we draw any conclusions about the returns to scale in the USB drive industry? If so, what does the information suggest about the shape of the long-run average cost curve?
Definitions:
Focus Group
A small, diverse group of people whose reactions are studied to gauge the response to a specific product, service, or policy.
Total Revenue
The total amount of money received by a firm from selling goods or services before any costs or expenses are deducted.
Rent-Seeking Activity
Economic practices aimed at increasing one's share of existing wealth without creating new value, often through manipulation or exploitation of the political environment.
Demand Schedule
A table that shows the quantity of a good or service that consumers are willing to buy at each price point.
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