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This is a free sample preview of the essay
Costs In The Long-Run
Beginning of essay
Just as some costs are fixed and others are variable so are the
inputs, or resources, or, factors of 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, ....
Middle of essay
....urns) and the scale of operations to achieve optimum production. (i.e.
the economies and dis-economies of scale)
Since there are no fixed factors in the long-run, there are no
long-run fixed costs. All costs then, in the long-run are variable costs.
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| Number of words: 330 |
Approximate pages: 2 |
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