The figure given below shows three Short Run Average Total Cost (SRATC) curves and the Long Run Average Total Cost (LRATC) curve of a firm.Figure 8.3
-Economies of scale exist when the long-run average-total-cost curve is positively sloped.
Definitions:
Lysine
An essential amino acid required by the human body for growth and tissue repair, not synthesized by the body and must be obtained from the diet.
Stereosiomer
Molecules with the same molecular formula and sequence of bonded atoms, but they differ in the 3D orientation of their atoms in space.
Carboxylic Acid
Organic compounds that contain a carboxyl group (-COOH), which consists of a carbon atom double-bonded to an oxygen atom and single-bonded to a hydroxyl group.
Oligopeptide
An oligopeptide is a short chain of amino acids, typically having fewer than 20 residues, connected by peptide bonds.
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