Examlex
The flow lines (or streamlines) of a vector field are the paths followed by a particle whose velocity field is the given vector field. Thus, the vectors in a vector field are tangent to the flow lines. The flow lines of the vector field satisfy the differential equations
and
Solve these differential equations to find the equations of the family of flow lines.
Average Total Cost
The total cost per unit of output, calculated by dividing the total cost by the quantity of output produced.
Average Total Cost Curve
A graphical representation showing how the average total cost of production changes as the quantity of output changes.
Long-Run Equilibrium
A state in which all factors of production and costs are variable, allowing firms to make adjustments and leading to a situation where economic profit equals zero.
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