price discrimination leads to than a one-price system. a more efficient output a lower average cost a lower average price fewer buyers

With cost on the vertical axis and quantity on the horizontal axis, an average cost curve may be drawn. These graphs frequently include display marginal costs, which are the costs of the last unit produced at each point and, in the short run, indicate the slope of the variable cost curve (and hence the first derivative of variable cost).Because all fixed costs are incurred before any output occurs and marginal costs are often rising due to declining marginal productivity, the average cost curve typically bears a U-shape. In this "typical" scenario, marginal costs for low levels of production are lower than average costs, causing average costs to decline as quantity rises.

What is long run average cost?

The unit cost of generating a specific output when all inputs, including physical capital, are variable is known as the long-run average cost. The firm will select the set of inputs that yields the target quantity at the lowest possible cost, according to the behavioural assumption.

Typically, a long-run average cost curve slopes downward at relatively low output levels and upward or downward at relatively high output levels. The long-run average cost curve most frequently takes the form of a U, which by definition reflects economies of scale where the slope is negative and diseconomies of scale when the slope is positive.

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