The long-run average cost curve refers to a graphical representation that indicates the relationship between a firm's output and the average cost. The...Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a question Our experts can answer your ...
Graph a long run ATC and unlimited smaller short run cost curves, label the three prominent scales and explain each. Average cost curve The average cost is the per unit cost. The average cost is calculated by diving total cost to the units of ...
long run average cost 【经】 长期平均成本 long run cost curve 【经】 长期成本曲线 in the long run 1. 最终 2. 从长远观点看,从长远来看 ♦ Not in the long run 从长远来说并不是这样,从长远来说不是这样的♦ interest in th 相似单词 long run adj. 长期间 run v.[I] 1.跑,奔...
the remaining firms will return to normal profitability. Hence, the long-run equilibrium for monopolistic competition exists whenmarket price = average total cost, where marginal revenue = marginal cost, as shown in the diagram below. Remember, in economics, theaverage total cost ...
Average looks like Add but grayer, because that’s exactly what it is: (a + b) / 2. Strangely libnoise doesn’t include this operator, so I implemented it myself for demo purposes. Min takes the darker value at each point. Max takes the lighter value at each point. Ternary operators...
Explain the reasoning behind the U-shaped, long-run, average cost curve. Explain implicit and explicit costs as applied to profit. Include examples to support your explanation. Describe the difference between explicit and implicit costs. Explain the following term and provide an example: Opportunity...
Answer to: Illustrate graphically the derivation of the Long-Run Total Cost Curve. Hint: You will want to use the expansion path in the L-K...
Why do increasing returns lead to a fall in the long run average cost curve? Explain why higher real interest rates lead to lower net capital outflow. Why are people still talking about "investing" in bonds, which yield poor returns, and are not in...
The graph also shows the marginal revenue (MR) curve, the marginal cost (MC) curve, and the average tot In the short-run Keynesian model where the marginal propensity to consume is 0.5, to offset a recessionary gap resulting...
What are possible reasons why the supply curve of labor for any specific occupation is likely to be upward-sloping, even if, for the economy as a whole, people work fewer hours when wage rates increase? Suppose the average U.S. worker has a lar...