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Describe the differences in the language environment between infants and young children in low income families as compared to middle or high income families. What are the consequences of these differences? Design an intervention program to promote language development for children in low income families.
Long Run
A period in which all factors of production and costs are variable, allowing for adjustment to changes in the market or economy.
Economic Profit
A calculation of profitability that takes into account both the direct costs and opportunity costs of pursuing a particular course of action.
Economies Of Scale
The situation when a firm’s average total cost of producing a product decreases in the long run as the firm increases the size of its plant (and, hence, its output).
Excess Production
The situation where more units of a product are produced than are demanded, often resulting in surplus inventory.
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