Essay short run and long run in economics long run cost Answer
Essay short run and long run in economics long run cost Answer
Answer the following questions in Essay APA format -1850 words per question.
1. Explain/define the following:
–short run and long run in economics
–economic cost versus accounting cost
–the concept of the production function
2. In a short run production situation explain the behavior and relationship of the following production variables and how they relate to each other and to quantity of production:
–total output or product
–marginal product
–the concept of diminishing marginal returns in terms of production
Also explain how marginal product is used to determine the equilibrium amount of each resource used in production in the short run.
3. In a short run production situation explain the behavior and relationship of the following costs curves and how they relate to each other and to quantity of production:
–the relationship between profit maximization and the production function/cost
–total costs
–average variable cost
–average total cost
–average fixed cost
–marginal cost
–the concept of diminishing marginal returns as it relates to cost
4. Explain long run cost. Be sure to cover the relationship of long run cost to long run output and how long run cost curves are related to short run cost curves. Explain economies and diseconomies of scale. Also, how do long run cost relate to industry
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