ECON 111 Chapter Notes - Chapter 8: Bachelor Of Applied Science, Pearson Education, Longrun

• School: Queen's University
• Department: Economics
• Course: ECON 111
• Professor: Xiaoran (Sheldon) Guo

Document Summary

Ragan, microeconomics, 15th canadian edition, toronto: pearson canada inc. , The material in this document is taken from the mentioned source and should be used for reference only. The document compiler cannot assure 100% accuracy as there may be errors present in this document. The mentioned source should be used if there is any doubt on information accuracy. In addition, without permission from the owners (direct or indirect), the material in this document cannot be reproduced. 8. 1: the long run: no fixed factors 1. The shape of the long-run average cost curve 3: decreasing costs 3, constant costs 3, increasing costs 4. The relationship between long-run and short-run costs 4. 8. 2: the very long run: changes in technology 5. Firms" choices in the very long run 6. Cost minimization: an implication of profit maximization that firms choose the production method that produces any given level of output at the lowest possible cost.