is watadine taking advantage of its economies of scale? explain. (ii) would watadine produce the productively efficient output? explain.

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09-12-2022
Business

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is watadine taking advantage of its economies of scale? explain. (ii) would watadine produce the productively efficient output? explain.

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Martebi Martebi · Answer 1 · 2022-12-13T15:51:47+01:00

The response is given below:

No, the WataDine is not using economies of scale in long-run equilibrium because there are too many businesses and easy entrance into the market, which prevents enterprises from producing enough output to reduce the average cost and employ economies of scale

What transpires to equilibrium price over time?

Short-term demand and supply both decline until a long-term equilibrium is reached. Because of the economies of scale in the supply, the long-term equilibrium in this situation implies higher pricing at the point.

Therefore, when prices have fully matched production costs and the economy is operating at its full potential, a market is in long-term equilibrium. The rate of unemployment falls to its natural level in a long-run equilibrium. An economy is operating at full capacity when this happens, and its actual GDP is equal to its potential GDP.

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WataDine is one of the city's many restaurants that serve lunch and dinner in a monopolistically competitive market. Assume WataDine, as a typical restaurant in the city, is currently producing the profit-maximizing output level, and earns a positive short-run economic profit. is watadine taking advantage of its economies of scale? explain. (ii) would watadine produce the productively efficient output? explain.