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In the short run, the size of the plant is fixed whereas in the long run a firm can adjust its plant size. One of the choices in the long run will be the short run plant size. That is, a particular level of output will be the optimum choice in both periods. So, short run average cost curves must be tangent to the long run average cost curve. A long run involves several short runs. Consequently, the long run average cost curve will be the lower envelope of the short run cost curves.
The firm chooses that amount of fixed factors to minimize the average costs. In the long run marginal cost curves will consist of different parts of the short run marginal cost curves for each level of the fixed factor. The long run MC will be u-shaped and will intersect the long run average curve at the minimum.
Price elasticity is used in economics to determine the changes in price of goods and services. It measures the change in price demanded and quality supplied. Determinants of pri
What is the theory of Second Best? Prove the theorem with the help of a diagram.
Production Function Models
Slope of an Iso-quant: Since along an iso-quant the level of output remains the same, if θL units of θL are substituted for K units of K, the increase in output due to θ L
The least square method is based on the assumption that the past rate of change of the variable under study will continue in the future. It is a mathematical procedure for fitting
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contemporary issues in microeconomics in nigeria
Economies and Diseconomies of Scale -Economies of Scale Increase in the output is greater than increase in the inputs. -Diseconomies of Scale Increase in the
Absolute advantage is the simplest yardstick of economic performance and it may be simply describe as If one person or a firm or a country may produce more of something with the sa
Measured cell emf are the basis for standard electrode potentials. chemistry assignments A method for the presentation of the data obtained from measurements of the equilibrium
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