Long-run cost curve
id:
long-run-cost-curve-298-14201505
title:
Long-run cost curve
text:
In economics, a cost function represents the minimum cost of producing a quantity of some good. The long-run cost curve is a cost function that models this minimum cost over time, meaning inputs are not fixed. Using the long-run cost curve, firms can scale their means of production to reduce the costs of producing the good. There are three principal cost functions used in microeconomic analysis: Long-run total cost (LRTC) is the cost function that represents the total cost of production for all
brand slug:
wiki
category slug:
encyclopedia
description:
Cost function in economics
original url:
https://en.wikipedia.org/wiki/Long-run_cost_curve
date created:
date modified:
2023-12-30T16:42:21Z
main entity:
{"identifier":"Q6672008","url":"https://www.wikidata.org/entity/Q6672008"}
image:
fields total:
13
integrity:
14