Long run average cost curve

 

 

 

Long run average cost curve

 

Glossary of business

 

Definition of long run average cost curve

 

The long run average cost (LRAC) curve shows the minimum unit cost of producing each level of output. The shape of the long run average cost curve will depend on the existence of economies and diseconomies of scale. If there are economies of scale then the LRAC curve will slope downwards (falling unit costs), whereas if there are diseconomies of scale the LRAC curve will slope upwards (rising unit costs).

 

Source : http://business-tes.wikispaces.com/file/view/Glossary.doc

link: http://business-tes.wikispaces.com/

Author : not indicated on the source document of the above text

 

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Definition and meaning of long run average cost curve

 

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Meaning of long run average cost curve

 

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