Economy, asked by pritymanjari, 8 months ago

why long run average cost curve is called an envelope curve

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Answered by niveshsanjaygarg

Answer:

The curve long run average cost curve (LRAC) takes the scallop shape, which is why it is called an envelope curve. ... According to which the cost per unit of production decreases as plant size increase's due to the economies of scale, which the larger plant size makes possible.

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