This 2-page document guides students through the economic definition of the long run, returns to scale, economies of scale, diseconomies of scale and the derivation of the LRAS. It is designed to be used to help students to make notes on the topic, but would also work as an assessment.
Suggested answers are also included.
This product is also available as part of Production, Costs, Revenue and Profits Note Taking Pack, and also the Production, Costs, Revenues and Profits mega-bundle. I've written a blog post about the latter, so if you want to know a bit more about the products, check it out.
Long Run Production and Costs Guided Note Taking
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