c) Cost curves

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Last updated 10:25 PM on 5/10/26
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5 Terms

1
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  • show a short-run cost-output curve

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2
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  • state the reason why ATC and MC initially decrease before eventually increasing

  • state the reason for the initial decrease

  • state the reason for the eventual increase

  • law of diminishing marginal returns

  • specialisation

  • overcrowding

3
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  • show a long-run cost-output curve

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4
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  • state the reason why LRAC initially decreases before eventually increasing

  • state the reason for the initial decrease

  • state the reason for the eventual increase

  • economies of scale + diseconomies of scale

  • specialisation + purchasing economies + cost distribution

  • communication breakdown + low coordination + bureaucracy

5
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  • n/a

  • n/a