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A firm in a perfectly competitive market has a production function with constant returns to scale and some fixed factors that can only be varied in the long run. Show diagrammatically 3 cases: 1) in which it is both profit maximising in the short-run and cost-minimising in the long run; 2) it is profit-maximising in the short run but not cost-minimising, and has an incentive to expand output; 3) it is cost-minimising given its current level of output, but short-run profit maximisation would cause it to reduce its output.
Briefly explain and carefully label all curves in your diagrams.
Please show diagrams!
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