Long run average cost curves (HL only)

IB Economics: Long run average cost curves (HL only)

This page simply looks at the concept of the long run in economics and considers why businesses experience firstly economies of scale and then diseconomies of scale as they increases output levels.Classifying different costs of production in the long run.Lesson time: 45 minutesLesson objectives:Explain the relationship between short-run average costs and long-run average costs.Explain, using a diagram, the reason for...

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