A Company's Long-Run Total Cost Can Be Written as LTC

question 168

Essay

A company's long-run total cost can be written as LTC = 3,000Q - 50Q² + 1/3Q³ and its long-run marginal cost by LMC = 3,000 - 100Q + Q². This company will undergo economies of scale at a quantity of _____ and diseconomies of scale at a quantity of _____.

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Definitions:

Promissory Estoppel

A legal principle that prevents a promisor from going back on a promise when the promisee reasonably relies on that promise to their detriment.

Revocations

The act of officially cancelling or withdrawing something, such as a license, permission, or legal right.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise when the other party has reasonably relied on that promise to their detriment.

Unilateral Contracts

Agreements in which one party makes a promise in exchange for the other party's performance, not a promise in return.