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 economics the short run and the long run are not defined by an arbitrary amount of time. Instead the short run is the period when at least one factor of production is fixed and cannot be changed. Similarly the long run period is the period when all factors of production are variable. Having said that, the law of diminishing returns arises in the short run because of the at least one fixed factors of production. In the short run the size of a factory, the number of PC's in a office, the area on a agricultural field and so on are fixed.