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A long-run average cost curve is typically downward sloping at relatively low levels of output, and upward or downward sloping at relatively high levels of output. Most commonly, the long-run average cost curve is U-shaped, by definition reflecting economies of scale where negatively sloped and diseconomies of scale where positively sloped.
In economics, a cost curve is a graph of the costs of production as a function of total quantity produced. In a free market economy, productively efficient firms optimize their production process by minimizing cost consistent with each possible level of production, and the result is a cost curve.
In economics, average variable cost (AVC) is a firm's variable costs (VC; labour, electricity, etc.) divided by the quantity of output produced (Q): = Average variable cost plus average fixed cost equals average total cost (ATC): A V C + A F C = A T C . {\displaystyle AVC+AFC=ATC.}
A test of the predictions generated by the optimality model can be performed to determine which currency the organism maximizes at any given time. For example, when constructing an optimality model for bee foraging time, researchers looked at whether energetic efficiency (energy gained/energy spent) or net rate of gain ((energy gained − ...
In microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: [1] Allocative or Pareto efficiency : any changes made to assist one person would harm another.
Two teams aiming to secure playoff berths meet when the Atlanta Falcons visit the Washington Commanders on Sunday night in Landover, Md. The Falcons (8-7) can clinch the NFC South with a win over ...
If there is a dish that defines Southern dining, it is the beloved casserole.From weeknight dinners to family potlucks to holiday celebrations, casseroles are a feel-good meal that brings people ...
Shows a firm's Economic Costs in the "Short Run" - which, as defined, contains at least 1 "Fixed Cost" that cannot be changed or done away with even if the firm goes out of business (stops producing) Variable cost: Variable costs are the costs paid to the variable input. Inputs include labor, capital, materials, power and land and buildings.