Polaris, the Pole Star, Is 208 Parsecs Away

question 35

Short Answer

Polaris, the pole star, is 208 parsecs away. Calculate the distance to Polaris in kilometers.

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Definitions:

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, leading to a decrease in per unit cost with an increase in production.

Least Cost

The process of minimizing expenses involved in producing a good or service while maintaining its quality and efficiency.

Minimum Efficient Scale

The smallest amount of production a company can achieve while still taking full advantage of economies of scale with regards to minimizing its costs.

Long-Run ATC

The average total cost of production when all inputs, including capital, are variable and the scale of production can change.