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Consider the reaction
2NH3(g) N2(g) + 3H2(g)
If the rate [H2]/ t is 0.030 mol L-1 s-1,then [NH3]/ t is
Short-run Cost Function
The relationship between the cost of production and the level of output when at least one input is fixed in the short term.
Long-run Cost Function
A relationship that shows the lowest possible cost at which a firm can produce any given level of output when all inputs, including capital, are variable.
Cost-output Elasticity
A measure of how responsive the cost of production is to a change in the output level.
Marginal Cost
The added expense incurred upon producing one further unit of a good or service.
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