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Lecture 7

ECO 102 Lecture 7: producertheoryShortRunvsLongRunCostsandCurvesExamplesN


Department
Economics
Course Code
ECO102
Professor
Álvaro
Lecture
7

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Comparing Short-Run and Long-Run Costs

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It follows that the long-run supply of the firm is more elastic than its short-run supply (given a small
change in the price of output). ("Le Chatelier's Principle")
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