Nisha sharma Asked a Question
September 15, 2021 5:07 pmpts 30 pts
Run Total Cost Total Cost (LTC) refers to the minimum cost at which given level of output can be produced. Ac afasky, *the long run total cost of production is the least possible cost of producing any given level 0 inputs are variable." LTC represents the least cost of different quantities of output. LTC is always to short run total cost, but it is never more than short run cost. STC LTC STC TC STC O Output Q Q Q Fig.:LTC Curve wn in Figure, short run total costs curves; STC, STC,, and STC, are shown depicting different C curve is made by joining the minimum points of short run total cost curves. Therefore, LTC en urves.
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  • 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 in...
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  • Rucha rajesh shingvekar thankyou
    Long Run Cost Curves The long run is different from the short run in the variability of factor inputs. Accordingly, long-run cost curves are different from short-run cost curves. T...
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  • Nisha sharma
    rucha mam please xplain me
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