Examlex
What is the meaning of following term:
-Aswan High Dam
Supply Function
A mathematical relationship that expresses the quantity of a good or service supplied in relation to its price.
Long-Run Total Cost Function
An equation representing the total cost of production when all factors of production are variable and optimized for scale.
Long-Run Supply Function
A relationship indicating the quantity of a good or service that producers are willing to make available in the market over a long period, considering all inputs are variable.
Long-Run Total Cost
The sum of all costs incurred by a firm in the production of goods or services when all inputs are considered variable in the long term.
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