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.
| PowerPoint PPT presentation | free to view. THEORY OF PRODUCTION AND COST-The short-run is a period of time such that there is at least one fixed factor. The long-run is a period of time such that all inputs are variable in quantity. ...| PowerPoint PPT presentation | free to view. LONG-RUN COSTS-Cost Minimization Suppose a firm has a production function with two variable inputs, labor (L), and capital (K).Q = f(L, K) This production function can be ...he long-run is a period of time such that all inputs are variable in quantity. ... | PowerPoint PPT presentation | free to view. LONG-RUN COSTS-Cost Minimization Suppose a firm has a production function with two variable inputs, labor (L), and capital (K). Q = f(L, K) This production function can be ...