Course titleStudent nameInstitution affiliation2PART 1(1)(2)(3)(4)(5)(6)Long-RunLong-RunLong-RunOutputCapitalLaborTotal CostAverage CostMarginal Cost20812_760__38__760_401520_1350___33.75__590_602535_2300__38.33__950_804050_3500__43.75___1200_Economies of scale exist through _40_ units of output because _Long-RunAverage Cost __ is Lowest (33.75) __.At 20 units of output LTC = $_760_ and LAC = $_38_. Between zero and 20units LMC = $_760__.At 40 units of output LTC = $_1350_ and LAC = $_33.75_. Between 20 and 40units LMC = $_590__.Diseconomies of scale exist beyond __40____ units of output because __ Long-RunAverage Cost _ is _Increasing_.PART 2Response 1Economic efficiency is the production of a certain level of output from the availableresources or the lowest cost. Efficiency in production is employed in organizations that are runon fixed budgets such as government organizations or nonprofit organizations. An organizationlimits the practices that are of less importance to save on resources and in return increase theproduction (Pilbeam, 2010, pp. 235-255). Fo ...
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