recall: long run: period in which quantities of all resources used in an industry can be adjusted. ...

Recall: Long Run: period in which quantities of all resources used in an industry can be adjusted. Thus, inputs that were fixed in the short term (e.g. machinery, buildings, cultivated land) can be adjusted in the long run Since all inputs can be varied, the law of diminishing marginal returns no longer applies 4.4 Production & Costs in the Long Run

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Recall: Long Run: period in which quantities of all resources

used in an industry can be adjusted. Thus, inputs that were fixed in the short term (e.g.

machinery, buildings, cultivated land) can be adjusted in the long run

Since all inputs can be varied, the law of diminishing marginal returns no longer applies

4.4 Production & Costs in the Long Run

Page 2: Recall: Long Run: period in which quantities of all resources used in an industry can be adjusted. Thus, inputs that were fixed in the short term (e.g

Increasing Returns to Scale: A situation in which a percentage increase in all inputs

causes a larger percentage increase in output Three basic causes for this:

Division of Labour Specialized Capital Specialized Management

Increasing Returns to Scale aka Economies of Scale

Page 3: Recall: Long Run: period in which quantities of all resources used in an industry can be adjusted. Thus, inputs that were fixed in the short term (e.g

Division of Labour Performing fewer tasks allows workers to become more

efficient at their jobs Specialized Capital

Specialized machinery, such as in car manufacturing, will have more specialized function so that it performs fewer tasks more efficiently

Specialized Management Along with an enlarged scale of production, more

managers hired to specific areas of expertise implies more efficient performance

Increasing Returns to Scale aka Economies of Scale

Page 4: Recall: Long Run: period in which quantities of all resources used in an industry can be adjusted. Thus, inputs that were fixed in the short term (e.g

Constant Returns to Scale: A situation in which a percentage increase in all inputs

results in an equal percentage increase in output Decreasing Returns to Scale:

aka “Diseconomies of Scale” A situation in which a percentage increase in all inputs

causes a smaller percentage increase in output; 2 major reasons for this: Management Difficulties Limited Natural Resources

Constant & Decreasing Returns to Scale

Page 5: Recall: Long Run: period in which quantities of all resources used in an industry can be adjusted. Thus, inputs that were fixed in the short term (e.g

Management Difficulties Continuing to expand scale of production will

eventually make managers face coordinating problems because the scale is too large

Limited Natural Resources In primary industries (fishing, forestry), there may only

be a limited supply of easily available natural resources

Decreasing Returns to Scale aka Diseconomies of Scale

Page 6: Recall: Long Run: period in which quantities of all resources used in an industry can be adjusted. Thus, inputs that were fixed in the short term (e.g

The first 1/3 of the Long Run AC Curve has a negative slope – increasing returns to scale

The second 1/3 is horizontal, so a constant cost per unit The third 1/3 has a positive slope – decreasing returns to

scale

Returns to Scale and Long-Run Costs

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