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How is a long-run average cost curve different from a short-run average cost curve?

The long-run average cost curve is longer.


What is the relationship between long-run average cost curve and short-run average cost curve?

what is the relationship between long run average cost curve and short run average cost curve?


When is the minimum possible short-run average costs are equal to long-run average cost?

the long run curve is at a minimum point


When do long-run economies of scale exist in a firm's production process, as indicated by the shape of the long-run average cost curve?

Long-run economies of scale exist in a firm's production process when the long-run average cost curve slopes downward, indicating that as production increases, average costs decrease.


How long would the line be if you took an average child's blood vessels and laid them end to end?

60,000 miles long for an average child but 100,000 miles long for an adult. It's crazy!


The long run average total cost curve?

The long run average total cost curve is the lowest average total cost for producing each level of output. It depicts the per unit cost of producing a good or service in the long run when all inputs are variable.


Why is the long run average cost curve known as the envelope curve or planning curve?

Long run average cost curve is known as envelope curve because it is formed by enveloping the short run average cost curves and it helps the entrepreneur in long term planning that is why it is also called planning curve.


How do you calculate the long run average total cost for a business?

To calculate the long run average total cost for a business, you divide the total cost of production by the quantity of output produced in the long run. This helps businesses determine the average cost per unit of production over an extended period of time.


Why long run average cost curve is U shape?

In long run non of the factors are fixed,long run average cost is the locus of envelope point of various SATC's. The operation of law of returns to scale is major reason for the U shaped of LAC.


Why some long-run average cost curves are steeper on the downward side than others?

why some long-run average cost curves are steeper on the downward side than others.


From 1960 until 2012, the long-run average rate of inflation in the United States was?

about 4% From 1960 until 2012, the long-run average rate of inflation in the United States was: about 4%.


What kind of relationship you postulate between short-run and long run average cost curves when these are not U shaped?

The type of relationship that you postulate between short-run and long-run average cost curves that is not U shaped is the external limiting relationship.