Consider an economy in which 350 = 3 × 
.Calculate the long-run equilibrium values of factor prices and incomes.
Definitions:
Minimum Point
The lowest point on a curve, often referring to the lowest point of costs or output in economic models.
Average Variable Cost
The cost per unit of output, excluding fixed costs, calculated by dividing total variable costs by the number of units produced.
Marginal Cost
The expenditure involved in creating one more unit of a product or service.
Average Variable Cost
The cost per unit of producing additional units, excluding fixed costs, and is calculated by dividing total variable costs by the quantity of output.
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