Examlex
A future news release might report that a new planet has been found around a star very similar to our sun. This newly discovered planet is claimed to have a mass 40 times that of Earth and is located nearly 25 AU from the star it orbits. Which of the following would be a reasonable prediction about this planet?
I. The planet will probably have a mean density of around 5 g/cm 3 .
II. The planet will probably have a radius of around five to ten times greater than Earth s.
III. The planet will probably have several satellites.
IV. The planet will probably have a composition that is mostly hydrogen and helium.
Economies of Scale
The cost advantages that enterprises obtain due to their scale of operation, resulting in a decreased cost per unit.
Long-run Average Total Cost
The long-run average total cost is the per-unit cost of production when all inputs can be adjusted, reflecting the most cost-efficient scale of operation.
Long-run Total Costs
The total costs incurred by a firm when all inputs are variable and can be adjusted.
Economies of Scale
Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units of output.
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