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Suppose a valley periodically floods. A dam can be built in the river that would prevent the flooding. Explain how flood control provided by building the dam arguably fits the characteristics of a public good.
Long-run Average Total Cost
The average cost per unit of output when all inputs, including capital, are variable, analyzed over a period when all factors of production can be adjusted.
Economies of Scale
The cost advantage that arises with increased output of a product, resulting in a decrease in the per-unit cost as the scale of production is enlarged.
Long-run Total Costs
The aggregate sum of all production costs for a company when all input factors are variable, analyzed over a prolonged period.
Economies of Scale
The cost advantages that enterprises obtain due to size, output, or scale of operation, with cost per unit of output generally decreasing with increasing scale.
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