Join over 1.2 million students every month
Accelerate your learning by 29%
Unlimited access for just £4.99 per month

LRAC & SRAC Curves

Essay length: 1104 words
Submitted: 15/03/2009

International Baccalaureate Economics

The first 200 words of this essay...

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

The above preview is unformatted text

Found what you're looking for?

Start learning 29% faster today
Over 150,000 essays available
Just £4.99 a month

Not the one? We have 100's more

Economics (view all)

Popular
Recently Added

"

I am a person who learns better from observing first, markedbyteachers had aided my learning by providing pre-done essays, allowing me to expand my knowledge in a productive, logical and easily understandable way.

"

Joanne Barratt. Nursing. University Student.
"

Brilliant, easy website to use, wonderful range of assignments, cheap, quick to get back to you with questions, all round wicked website.

"

Gemma Haysman. Chemistry, Physics, Biology, Maths. GCSE Student.

Part of The Student Room Group

LRAC & SRAC Curves

Found what you're looking for?

Not the one? We have 100's more

Marked by a teacher

Peer reviewed

Peer reviewed