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What are the main differences between the linear stages and international dependency modelsof development?
Long-run Average Cost
The per unit cost of production when all inputs, including those typically fixed, can be adjusted.
Short-run Marginal Cost
The cost incurred by producing one additional unit of a product or service in the short term, where some factors of production are fixed.
Envelope
In economics, often describes a theoretical outer limit or boundary, such as the envelope curve which envelopes all the possible positions of equilibrium.
Short-run Expansion Path
The route a firm takes to increase output by optimizing the combination of inputs used, given at least one fixed input, over a short period.
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