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.
10/14/20141 Chapter 8, Lecture slides Long Run Total Cost ï The long run total cost curve shows the total cost of a firmâs optimal choice combinations for labor and capital as the firmâs total output increases.ts marginal cost is then MC(Q) = 20Q. What is the minimum efficient scale (MES) for this firm? a) 0 b) 2 c) 4 d) Indeterminate Query #3 - Answer ïAnswer CïThe minimum efficient scale is the smallest quantity at which the longârun average cost curve attains its minimum point.