Problem
The cost curves for J&M Enterprises have been estimated to be LRAC = 30-10Q + Q2 and LRMC = 30-20Q+3Q3 where Q is measured in thousands. What are the fixed costs of production? What is LRAC at MES? What kind of Economies of Scale does J&M face?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.