June 2011
Intermediate to advanced
150 pages
4h 22m
English
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Long-Run Average Cost and Scale
In the last chapter, we distinguished short-run demand from long-run demand to reflect the range of options for consumers. In the short run, consumers were limited in their choices by their current circumstances of lifestyles, consumption technologies, and understanding. A long-run time frame was of sufficient length that the consumer had the ability to alter her lifestyle and technology and to improve her understanding, so as to result in improved utility of consumption.
There is a similar dichotomy of short-run production decisions and long-run production decisions for businesses. In the short run, businesses are somewhat limited by their facilities, skill sets, and technology. In the long run, businesses have ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.