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PRODUCTION AND COST (LONG RUN (Constant return to scale - total output up…
PRODUCTION AND COST
Economics cost
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Implicit Cost
Value of factors of production that producer uses,but does not involve direct money payment for it use.
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LONG RUN
Constant return to scale - total output up to 10%, total input is up to 10%
Increasing return to scale - total output is more than 10%, total input is increasing 10%
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Decreasing return to scale - total input less than 10%, total input 10%
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SHORT RUN
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Short Run Cost
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Fixed Cost
Cost paid for the used fixed input,fixed cost does not change as output changes
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