A2 M3 Lesson 5 Long Run Average Costs

  1. Re-emphasise importance in long /short distinction in allowing us to theorise about firms in general
  2. Use PPP to talk about change from long to short run and relationship SRAC and LRAC https://mail.google.com/mail/?shva=1#inbox/126d0d2ce574262a
  3. Reminder - economies and diseconomies of scale / minimum efficent scale
  4. Ss try to draw different LRACs https://mail.google.com/mail/?shva=1#inbox/126d6e5d683a1dfb  / show on PPP https://mail.google.com/mail/?shva=1#inbox/126d0d2ce574262 and then discuss
  5. Make notes about ecs of scale from handouts, peek ahead and then check https://mail.google.com/mail/?shva=1#inbox/126d6e77799a81bd
  6. Use table to contrast short and long run cost theory ideas

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