Examlex
A swimming pool heater has to be able to raise the temperature of the 30,000 gallons of water in the pool by 10.0 C. How many kilowatt-hours of energy are required? (One gallon of water has a mass of approximately 3.79 kg and the specific heat of water is 4186 J/kg · C.)
Economies of Scale
Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output decreasing with increasing scale.
Average Cost Curve
A graphical representation that illustrates the cost per unit of output at different levels of production.
Long-run
A period in economics where all factors of production can be varied, and there are no fixed inputs, allowing full adjustment to changes.
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