Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
- Discuss the process by which firms use short-run average total cost at various plant
capacities to determine their long-run average total costs of production
- Practice graphing a long-run ATC curve
- Define economies of scale, constant returns to scale, and diseconomies of scale
- Identify each stage of returns to scale for a typical firm on the long-run ATC curve
- Compare and contrast short-run and long-run analysis
- Identify the point of productive efficiency on the long-run ATC curve
- Discuss the impact that economies of scale, constant returns to scale, and diseconomies of
scale have on a firm's economic profits and losses
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