Examlex
The shortest-job-next CPU scheduling algorithm is provably optimal, but requires knowledge of the future.
Long-Run
Pertains to a period in which all factors of production and costs are variable, allowing companies to adjust all inputs.
AVC
Average Variable Cost, the total variable cost divided by the number of units produced, reflecting costs that change with output.
Short-Run
A period during which at least one of a firm's inputs is fixed, limiting its ability to adjust to demand changes.
AVC
Average Variable Cost, which is the total variable costs of production divided by the quantity of output.
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