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VERY LONG RUN, MICROECONOMICS: A production time period in which all inputs are variable, including those under control of the firm and those beyond the control of the firm. During the very long run, not only are the labor, capital, land, and entrepreneurship inputs variable, but so too are key production inputs such as government rules, technology, and social customs. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very short run.

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Lesson 12: Elasticity and Demand | Unit 3: Measurement Page: 16 of 25

Topic: Expenditures And Elasticity <=PAGE BACK | PAGE NEXT=>

The five elasticity alternatives on the demand curve can also be seen on the this total expenditures curve.
  • The perfectly elastic point is at origin with a 0 quantity and 0 total expenditures, corresponding with the intersection of the demand curve and the vertical price axis.

  • The relatively elastic range is the first half of the total expenditures curve between the 0 million minutes and 5 million minutes, corresponding with the "upper" half of the demand curve.

  • The unit elastic point is at the very peak of the total expenditures curve at 5 million minutes, corresponding with the exact midpoint of the demand curve.

  • The relatively inelastic range is the second half of the total expenditures curve between the 5 million minutes and 10 million minutes, corresponding with the "lower" half of the demand curve.

  • The perfectly inelastic point is at with 0 total expenditures and 10 million minutes, corresponding intersection between the demand curve and the horizontal quantity axis.

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PERFECT COMPETITION, LONG-RUN EQUILIBRIUM CONDITIONS

The long-run equilibrium of a perfectly competitive industry generates six specific equilibrium conditions, including: (1) economic efficiency (P = MC), (2) profit maximization (MR = MC), (3) perfect competition (MR = AR = P), (4) breakeven output (P = AR = ATC), (5) minimum production cost (MC = ATC), and (6) minimum efficient scale (MC = ATC = LRAC = LRMC).

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