Long-Run Average Cost

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August 31, 2024 4 min read Definitions
Long-Run Average Cost: The Nature of Cost in Production Over Time
Economics Finance Long-Run Average Cost LRAC Economies of Scale Cost Structure Production Costs
Long-Run Average Cost (LRAC) in economics refers to the per unit cost incurred when all inputs are variable in the long run. It's an essential concept in understanding economies of scale and the cost structure of production.
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