Answer to Question #72080 in Macroeconomics for nadir
Draw a diagram to show the long run average total cost of a firm. explain the relationship between output level and LRATC in different phases of expansion of the firm
The long-run average cost curve is the envelope of an infinite number of short-run average total cost curves, with each short-run average total cost curve tangent to, or just touching, the long-run average cost curve at a single point corresponding to a single output quantity. The key to the derivation of the long-run average cost curve is that each short-run average total cost curve is constructed based on a given amount of the fixed input, usually capital. As such, when the quantity of the fixed input changes, the short-run average total cost curve shifts to a new location. Reference: http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=long-run+average+cost+curve,+derivation
I’ve used Assignment Expert twice now, and I’m a full fledged fan. This morning I had a crunching 7 hour deadline for a huge programming assignment I forgot was due, and turned to them for help. The estimate was affordable and easy to pay for through PayPal. Shortly after, an expert got to work on the problem at hand. The operator was in constant contact with me throughout the entire process, and everything went quickly and smoothly. After looking through the assignment, I was happy to find that everything ran very smoothly, and no shortcuts were taken/no requirements were omitted. I wish I could say more about this service. It’s truly a game changer and has saved my back more than once now.