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Nilanjan Bhowmick AIR 3, CSIR NET (Earth Science)
Nisha Sharma posted an Question
September 15, 2021 • 22:38 pm
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- UGC NET
- Commerce
Please xplain me the graph posted in detail
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Total production costs include all the expenses of producing products at current levels. As an example, a company that makes 150 widgets has production costs for all 150 units it produces. The marginal cost of production is the cost of producing one additional unit. Solved Example for Question: Why is the LAC also called the envelope curve?Answer: The LAC curve suggests the long run optimization problem of the firm. The firm can choose a plant size to operate at in the long-run where all inputs are variable. Thus, the firm shall choose that plant at which it can minimize costs.So, the LAC is derived by joining the minimum most points of all possible SAC curves of the firm at different output levels. Since the LAC thus obtained almost 2018 envelopes 2019 the SAC curves faced by the firm, it is called the envelope curve.