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Costs In The Long-Run
Part 1 of Paper
....f production used by the firm and this
has an impact on its short and long run operations. These time periods
(the short and the long run) do not refer to specific, chronological time
of hours, days, weeks, months or years. Rather they are periods of
adjustments.
The Long-Run is that time period in which all.... Part 2 of Paper
....l within the capacity constraint.
With this introduction to the firms costs and output decisions we
can now apply them to see how firms decide on the output to produce in
order to maximise profits, the combination of actors of production to
employ and how output changes in response to employing more or a variable
factor in combination with a fixed factor; (i.e. the law of diminishing
returns) and the scale of operations to achieve optimum production. (i.e.
the economies and dis-economi.... |
| Number of words: 330 - Approximate pages: 2 |
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