Derive the long-run average cost curve (LAQ) according to the modern theory of cost. Explain why LAC 1 answer below »

Derive the long-run mediocre require incurvation (LAQ) according to the new scheme of require. Elucidate why LAC incurvation subordinate the new scheme is L-shaped. The intensity of the oral scheme of require has been questioned on twain speculative and tentative basis. Does the new scheme of require yield a amend resource arrival to elucidate and prognosticate firm’s behaviour in affect to appraisement and output gratification?