Behind the Supply Curve: Input and costs - Short-Run versus Long-Run costs
15 important questions on Behind the Supply Curve: Input and costs - Short-Run versus Long-Run costs
What do we call the time period where a firms fixed cost becomes variable?
What are the two ways that changing my fixed cost in the long run will affect total cost
second if the workers have more equipment they will be more productive: fewer workers will be needed to produce and given output, so the variable cost for any given output is reduced
Why does average total cost decrease when fixed cost increases
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I immediately started to enjoy learning again, and my grades soared. All of a sudden, everything went better. I highly recommend Study Smart to all students..
Being able to create my materials online made the process of studying so much smoother and quicker. I no longer have to spend a huge amount of my time on creating my summaries.
At first, my notes were a mess. Now I use Study Smart to take my notes in a perfectly structured way. It helps me to save a lot of time and do other things I enjoy.
Students that study with Study Smart get better grades. The system applies all the learning methods in such a way that both well-performing students and students who struggle perform much better.
Hi Chris, I would like to thank you very much. Last year I scored C on a course, and this year I got an A+ thanks to your method! Thank you very much!
The largest effect is that my child is more enthusiastic about school! Every parent wants their children to be happy at school, Study Smart made it happen.
In high school, I failed several exams, and that has really changed now. I actually needed this tool very much back then. Since I started studying with StudySmart, I haven't had any D's. My average score is now an A and those are results I would have never had in the past
With my old method, I passed only 3 out of 8 courses. Since I started taking my notes digitally in Study Smart, I have passed all my courses on the first try. For me, StudySmart takes away the stress of wondering if I will pass or not.
Thanks to StudySmart, I passed all my exams, and with better grades than before! On top of that, I have mastered a very good study method now, which I am confident will help me earn my degree.
For my 1st exam I got a C. Then, I started looking for ways to learn better and I came across Study Smart. Since then I have scored a A+, A, A- and another A. I highly recommend it to everyone who wants to hear it. I am so happy with it!!
I was struggling to finish all my first-year subjects for 3 years. Then I discovered Study Smart, which helped me to finish all of them within 3 months.
Because of StudySmart, things are going well in many ways. Before, I always had study stress and no time for anything. Now I feel calm and confident (because of the program). I used to score a B, now I usually score an A or A+.
Hey Chris, I really want to thank you very much for developing the platform, I usually got around C for my exams, now I scored an A+, an A and a A- !!
Since using Study Smart, my average has increased significantly. I even completed a statistics course with a A+ while I'm bad at statistics. I took on extra courses this year, because of Study Smart. Thanks so much!
Ever since I started studying with StudySmart I passed all my exams !!! No more re-sits!! At first, I was happy with a pass and now I only get good grades. Many thanks!
I aced all the courses I studied with Study Smart. For law, I first scored a D, and now an A! I’m 100% sure that I’ll pass all the courses I study with Study Smart.
I always thought I studied well. My grades were fine. I could never have imagined that applying these study skills would have such a huge and direct impact on my grades, my speed and the pleasure I have in learning.
For the first time, I finally feel totally confident about the way I learn. I have the perfect overview and make great progress in terms of speed and the grades I get. Thanks, Chris!
How to we know the output that minimizes the firms ATC?
How do we calculate the long run average total cost curve?
What is the relationship between the output and the average total cos when fixed cost has been chosen to minimize the average total cost for each level of output? What will LRATC look like?
long smooth U shape
What do we call the point when in the long run when a producer has had time to choose the fixed cost appropriate for its desired level of output?
What determines the shape of the LRATC curve?
What do we call the scale when in the long run the average total cost stays the same as output increases? What is the shape of the graph of the LRATC?
the shape of the graph of LRATC is horizontal
What is the major determinant of the scale effects in production?
What are the 3 reasons for increasing returns to scale
- Increased specialization
- very large initial costs
- high-tech industries
What is the reason for decreasing returns to scale
What is the relationship between firms size and returns to scale?
decreasing returns to scale tends to limit their size
constant returns to scale has no effect on a firms long run average totall cost: it is the same regardless of wheter we produce one unit for 100 units.
How does a firm determine the best decision on how much to produce?
Concepts of measures of short run both short run and long run and long run alone
definition
mathematical term
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