APMic Unit 3 Lesson 3 Long-Run Production Costs (Module 56) by jclerch https://padlet.com/jclerch/zzeu91t9l4oe Production, Cost and the Perfect Competition Model en-us 2016-10-03 19:33:03 UTC 2024-10-27 13:58:43 UTC hello@padlet.com https://padlet-uploads.storage.googleapis.com/135439946/bd059563b2422810ec5737f4988b4211/IMG_12291_1mb.png jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/129335619 2016-10-09 14:51:22 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/129335619 jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/129341404 2016-10-09 16:15:50 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/129341404 jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/129341537 2016-10-09 16:17:45 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/129341537 jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/129341836 2016-10-09 16:21:11 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/129341836 jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/129381996 2016-10-10 01:15:48 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/129381996 jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/132964019 2016-10-25 12:06:01 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/132964019 jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/148664802 2017-01-23 10:50:29 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/148664802 jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/180152786 2017-08-04 22:11:24 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/180152786 jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/201505368 2017-10-29 16:18:49 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/201505368 jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/201505453 2017-10-29 16:19:43 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/201505453 jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/277186329 2018-09-02 23:28:48 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/277186329 jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/277186367 2018-09-02 23:29:07 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/277186367 jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/277186399 2018-09-02 23:29:31 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/277186399 jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/319204428 2019-01-10 13:15:23 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/319204428 jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/372042944 2019-07-23 15:16:51 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/372042944 Essential Knowledge3 jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/372205014 2019-07-24 23:12:30 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/372205014 Essential Knowledge jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/372205016 In the long run, firms can adjust all their inputs, and as a result, all costs become variable.

The relationship between inputs and outputs in the long run is described by the scale of production—increasing, decreasing, or constant returns to scale.

The long-run average total cost is characterized by economies of scale, diseconomies of scale, or constant returns to scale (efficient scale).

The minimum efficient scale plays a role in determining the concentration of firms in a market and the market structure.
]]> 2019-07-24 23:12:31 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/372205016 Enduring Understanding jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/372205058 Firms’ production and cost constraints over different input and output levels shape optimal decisions in the short run and long run.]]> 2019-07-24 23:13:01 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/372205058 Learning Objectives jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/372205082 Define (using graphs where appropriate) key terms and concepts relating to production and cost.

Explain (using graphs where appropriate) how production and cost are related in the short run and long run.

Calculate (using data from a graph or table as appropriate) the various measures of productivity and short-run and long-run costs.
]]> 2019-07-24 23:13:14 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/372205082 Questions jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/372205123
  • Why do a firm's costs differ between the short run and the long run? 
  • How can a firm enjoy economies of scale? 
    • ]]>     2019-07-24 23:13:38 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/372205123     jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/391027473 2019-09-29 15:48:06 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/391027473 jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/693504970 2020-08-23 19:24:04 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/693504970 jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/693508578 2020-08-23 19:30:07 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/693508578 jclerch https://padlet.com/jclerch/zzeu91t9l4oe/wish/693544233 2020-08-23 20:37:14 UTC https://padlet.com/jclerch/zzeu91t9l4oe/wish/693544233