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Category > Economics Posted 22 Jun 2017 My Price 6.00

The late Thomas McCraw,

The late Thomas McCraw, while a professor at the Harvard Business School, wrote: "Throughout American history, entrepreneurs have tried, sometimes desperately, to create
big businesses out of naturally small-scale operations. It has not worked." Entrepreneurs hope to increase profitability by creating "big businesses." Unless there are
significant economies of scale, they will not be successful. In the figure, firms producing at a
level of output that is a small fraction of total industry sales, represented by LRAC1, have the lowest average costs for most levels of output. If a firm tries to grow to a larger size, such as
that represented by LRACZ, its average costs will rise. Source: Thomas K. McCraw, ed., Creating Modern Capitalism, Cambridge, MA: Harvard
University Press, 1997, p. 323. If an entrepreneur is planning on producing 2,000 units, should he choose the smaller or larger
operation? 0 A. The larger operation.
0 B. The smaller operation.
0 C. Either the smaller or larger operation. 01 m \l m
.0 ? ? ? Price and cost (dollars per unit)
4;
.0 30—
20-
10- .
0 . $2000
. . . . . . .
0 2000 4000 6000 8000
Quantity 10600

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SuperTutor
(15)
Status NEW Posted 22 Jun 2017 07:06 AM My Price 6.00

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