Sketch a Long Run Average Total Cost Curve and a Short

question 49

Essay

Sketch a long run average total cost curve and a short run average total cost curve of a plant that is too small to produce at the minimum long run cost. Put the two curves on the same graph and include the marginal cost curves for both average cost functions.

---

Definitions:

Variable Interval

A schedule of reinforcement where a response is rewarded after an unpredictable amount of time has passed, leading to a steady rate of response.

Fixed Ratio

In operant conditioning, a schedule of reinforcement where a response is reinforced only after a specified number of responses.

Latent Learning

Latent learning is the subconscious retention of information without reinforcement or immediate application, which becomes evident when a specific situation triggers it.

Operant Conditioning

A method of learning that employs rewards and punishments for behavior, which in turn affects the likelihood of that behavior being repeated.