Long-Run Marginal Costs Like all average cost curves, the long-run (LATC) curve has its own marginal cost curve. The long-run marginal cost (LMC) curve isn't a composite of short-run marginal cost curves. Rather, it's computed on the basis of the costs reflected in the long-run ATC curve itself. We won't bother to compute those costs here. Note, however, that the long-run MC curve-like all MC curves--intersects its associated average cost curve at its lowest point.
Long-Run Marginal Costs Like all average cost curves, the long-run (LATC) curve has its own marginal cost curve. The long-run marginal cost (LMC) curve isn't a composite of short-run marginal cost curves. Rather, it's computed on the basis of the costs reflected in the long-run ATC curve itself. We won't bother to compute those costs here. Note, however, that the long-run MC curve-like all MC curves--intersects its associated average cost curve at its lowest point.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter7: Proudction Costs
Section: Chapter Questions
Problem 17SQ
Related questions
Question
Please summarize this
![Long-Run Marginal Costs
Like all average cost curves, the long-run (LATC) curve has its own marginal cost curve.
The long-run marginal cost (LMC) curve isn't a composite of short-run marginal cost
curves. Rather, it's computed on the basis of the costs reflected in the long-run ATC curve
itself. We won't bother to compute those costs here. Note, however, that the long-run MC
curve-like all MC curves-intersects its associated average cost curve at its lowest point.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4b56968d-2846-4ccd-aa26-829d097f3532%2F1e4eb78b-6049-4e7e-a49e-e758fd0e9dbd%2Fc80l85g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Long-Run Marginal Costs
Like all average cost curves, the long-run (LATC) curve has its own marginal cost curve.
The long-run marginal cost (LMC) curve isn't a composite of short-run marginal cost
curves. Rather, it's computed on the basis of the costs reflected in the long-run ATC curve
itself. We won't bother to compute those costs here. Note, however, that the long-run MC
curve-like all MC curves-intersects its associated average cost curve at its lowest point.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![Micro Economics For Today](https://www.bartleby.com/isbn_cover_images/9781337613064/9781337613064_smallCoverImage.gif)
![Survey Of Economics](https://www.bartleby.com/isbn_cover_images/9781337111522/9781337111522_smallCoverImage.gif)
![Exploring Economics](https://www.bartleby.com/isbn_cover_images/9781544336329/9781544336329_smallCoverImage.jpg)
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
![Micro Economics For Today](https://www.bartleby.com/isbn_cover_images/9781337613064/9781337613064_smallCoverImage.gif)
![Survey Of Economics](https://www.bartleby.com/isbn_cover_images/9781337111522/9781337111522_smallCoverImage.gif)
![Exploring Economics](https://www.bartleby.com/isbn_cover_images/9781544336329/9781544336329_smallCoverImage.jpg)
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
![Principles of Economics 2e](https://www.bartleby.com/isbn_cover_images/9781947172364/9781947172364_smallCoverImage.jpg)
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
![Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781337617383/9781337617383_smallCoverImage.gif)
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning