Production Cost in the Long Run Homework Help to Benefit You the Most
In terms of microeconomics which considers consumer behaviour of individuals, long run is the time period in which inputs of production are all variables. Production cost in long run is different from that in short run due to change in additional variables that one needs to include while evaluating it. To help you overcome your problems ending up with miscalculation and wrong estimation of production costs in long run, myhomeworkhelp.com has stepped forward with its unique student-friendly approach to assist you with Production Cost in the Long Run homework Help.
Production cost- key concepts
As distinguished from short run, capital, an important factor of production is no longer constant in long run. So the stock of output varies directly with amount of capital used by the firm. Also, output produced by the industry as a whole, gets affected when there is an exit or entry of a firm or firms from the market depending on profit or loss that is incurred. All of these things then have significant bearing on the production cost.
There are two costs associated with the long run scenario. One is long run average cost. Along the average cost curve, a firm tends to minimise its costs as it produces its output. The more the output produced, the less will be the cost due to strong economies of scale that a firm gets to enjoy while producing on a large scale.
Another one is long run marginal cost. It is this cost that is borne by a firm when an extra unit of output gets generated. In equilibrium, long run average cost is equated with long run marginal cost to find the optimal price and quantity of output to be produced by a firm and an industry.
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