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.
When long-run marginal costs are above long run average costs, average costs are rising. Long-run marginal cost equals short run marginal-cost at the least-long-run-average-cost level of production. LRMC is the slope of the LR total-cost function.iven that LRAC is an average quantity, one must not confuse it with the long-run marginal cost curve, which is the cost of one more unit. The LRAC curve is created as an envelope of an infinite number of short-run average total cost curves, each based on a particular fixed level of capital usage.