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notes from fri the 12th

notes from fri the 12th - second one as my numbers go up...

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Long run cost curvces are made up of lots of short run cost curves optimum point it the lowest point on the curve PAY ATTENTION TO THE PAGE WIT L ON IT long run average cost, long run average total cost curves first one scale we talk about increasing at a certain factor (2x, 3x) larger I get, the cheaper it is to plant size very few of these examples
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Unformatted text preview: second one as my numbers go up, costs go up where price and curve intersect, that is where we break even and can figure out how much profit we are making these are not economic contradiction RETURNS TO SCALE – TEST? law of diminishing returns deals with playing with one imput returns to scale are playing with all!...
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