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January 18, 2018 

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LRAC: The abbreviation for long-run average cost, which is the per unit cost of producing a good or service in the long run when all inputs are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is based on economies of scale (or increasing returns to scale) and diseconomies of scale (or decreasing returns to scale).

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Lesson 4: Production Possibilities | Unit 2: The Schedule Page: 7 of 24

Topic: Changing Cost <=PAGE BACK | PAGE NEXT=>

Opportunity cost is greater as we produce more calibrators. Why?
  • The law of increasing opportunity cost which says that the opportunity cost of producing a good increases as more and more of the good is produced.
  • Third rule of inequality. All resources are not equally suited to produce all goods.
  • First calibrator (A to B) uses resources best suited for calibrators and least suited for shoes.
  • Tenth calibrator (J to K) uses resources least suited for calibrators and best suited for shoes.
  • As more of a good is produced and supplied, opportunity cost increases.

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AGGREGATE DEMAND AND MARKET DEMAND

The aggregate demand curve, or AD curve, has similarities to, but differences from, the standard market demand curve. Both are negatively sloped. Both relate price and quantity. However, the market demand curve is negatively sloped because of the income and substitution effects and the aggregate demand curve is negatively sloped because of the real-balance, interest-rate, and net-export effects.

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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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