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.
A period of time in which all factors of production and costs are variable. In the long run, firms are able to adjust all costs, whereas in the short run firms are only able to influence prices through adjustments made to production levels.Additionally, whereas firms may be a monopoly in the short-term they may expect competition in the long-term.ong-Run Average Total Cost-LRATC. Firms examining the long run understand that they cannot alter levels of production in order to reach an equilibrium between supply and demand.