The Scientific Method. The Scientific Method is an organized way that helps scientists (or anyone!) answer a question or begin to solve a problem. There are usually six parts to it. 1  Purpose/Question â What do you want to learn? 2  Research â Find out as much as you can. 3  Hypothesis â After doing your research, try to predict the answer to the problem.  Experiment â The fun 1  part! Analysis â Record what happened during the experiment.
Economic Definition of long-run average cost. Offline Version: PDF. Term long-run average cost Definition: The per unit cost of producing a good or service in the long run when all inputs are variable. In other words, long-run total cost divided by the quantity of output produced.
In summary, the short run and the long run in terms of cost can be summarized as follows: 1  Short run: Fixed costs are already paid and are unrecoverable (i.e. 2  Long run: Fixed costs have yet to be decided on and paid, and are thus not truly fixed.he two definitions of the short run and the long run so far are really just two ways of saying the same thing, since a firm doesn't incur any fixed costs until it chooses a quantity of capital (i.e. scale of production) and a production process. Prev. Next.