Module 56 - Custom Scholars
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Module 56

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Long-Run Average Total Cost Curve
- aka LRATC shows the relationship between output and average total cost when fixed cost has been chosen to minimize average total cost for each level of output
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Economies of Scale
- when long-run average total cost declines as output increases
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Increasing Returns to Scale

- when output increases more than in proportion to an increase in all inputs

eg. with increasing returns to scale, doubling all inputs would cause output to more than double

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Minimum Efficient Scale
- the smallest quantity at which a firm's long-run average total cost is minimized
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Diseconomies of Scale
- when long-run average total cost increases as output increases
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Decreasing Returns to Scale
- when output increases less than in proportion to an increase in all inputs
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Constant Returns to Scale
- when output increases directly in proportion to an increase in all inputs
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Sunk Cost

- cost that has already been incurred and is nonrecoverable

- should be ignored in a decision of future actions

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question
Long-Run Average Total Cost Curve
- aka LRATC shows the relationship between output and average total cost when fixed cost has been chosen to minimize average total cost for each level of output
question
Economies of Scale
- when long-run average total cost declines as output increases
question
Increasing Returns to Scale

- when output increases more than in proportion to an increase in all inputs

eg. with increasing returns to scale, doubling all inputs would cause output to more than double

question
Minimum Efficient Scale
- the smallest quantity at which a firm's long-run average total cost is minimized
question
Diseconomies of Scale
- when long-run average total cost increases as output increases
question
Decreasing Returns to Scale
- when output increases less than in proportion to an increase in all inputs
question
Constant Returns to Scale
- when output increases directly in proportion to an increase in all inputs
question
Sunk Cost

- cost that has already been incurred and is nonrecoverable

- should be ignored in a decision of future actions

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