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Nilanjan Bhowmick AIR 3, CSIR NET (Earth Science)
Priya sarda
The long run refers to that time period for a firm where it can vary all the factors of production. Thus, the long run consists of variable inputs only, and the concept of fixed inputs does not arise. The firm can increase the size of the plant in the long run. Thus, you can well imagine no difference between long-run variable cost and long-run total cost, since fixed costs do not exist in the long run. Long Run Total Costs Long run total cost refers to the minimum cost of production. It is the least cost of producing a given level of output. Thus, it can be less than or equal to the short run average costs at different levels of output but never greater. In graphically deriving the LTC curve, the minimum points of the STC curves at different levels of output are joined. The locus of all these points gives us the LTC curve.