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LRAC & SRAC Curves
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Economics (YR 12) Gina Goldberg Mr. Hogg 08/11/2008
"LRAC & SRAC Curves"
The term SRAC stands for short run average costs, whereas LRAC stands for long run average costs. The main difference between these two is that the short run is a period of time when at least one factor of production cannot be varied, meaning that there must be one fixed factor of production. Yet the long run refers to a period of time when all factor inputs can be varied, meaning that there must be no fixed factors, with the exception of technology (which takes notably longer to be varied). Also it is important
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