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Year 2 - Economics for Business > Micro - Lecture 13 (Long-Run Costs) > Flashcards

Micro - Lecture 13 (Long-Run Costs) Flashcards

1
Q

What are economies of scale?

A

Average costs decrease as output increases due to efficiencies.

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2
Q

What are diseconomies of scale?

A

Average costs increase when output grows too large, due to inefficiencies.

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3
Q

What is the LRAC (long-run average cost) formula?

A

LRAC = TC / Q

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Year 2 - Economics for Business (9 decks)

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