Find the circumference and area of the circle if r = 16 inches. 
Definitions:
Long Run
An economic phase where every production factor and cost can adjust completely to alterations, due to their variable nature.
Most Efficient Output
The level of production at which a firm or economy can produce goods at the lowest average cost, maximizing efficiency.
Profit-Maximizing
The process by which a company determines the price and output level that returns the highest profit.
Loss-Minimizing
A strategy or position where a firm aims to reduce its losses to the lowest possible level under adverse conditions, often by adjusting production.
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