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Intro to long run costs and the long run production function
📝 My Notes
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Intro to long run costs and the long run production function
6:58
About this lesson
- Both labour and capital vary
- Table for Production Function
- Diminishing returns of marginal product of labour
- Diminishing returns of marginal product of capital
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Video 1 of 12
Intro to long run costs and the long run production function
7 min
• Selected
Calculating short-run average total cost curves for multiple factories
14 min
Deriving the long-run average cost curve from short-run curves
2 min
Economies of scale, diseconomies, and minimum efficient scale on the LRAC
5 min
Calculating and graphing ATC curves for two factories
12 min
Calculating and graphing ATC curves for factories 3 and 4
10 min
Drawing the LRAC curve from four ATC curves
1 min
Finding the minimum efficient scale on the LRAC curve
1 min
Identifying economies of scale and diseconomies of scale on the LRAC curve
1 min
Drawing the LRAC curve from four ATC curves
1 min
Finding the minimum efficient scale on the LRAC curve
1 min
Identifying economies of scale and diseconomies of scale on the LRAC curve
1 min