Tài liệu về between short run and long run cost, which one is cheaper and why? | Học Viện Phụ Nữ Việt Nam

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Môn: English A1

Trường: Học viện Phụ nữ Việt Nam

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between short run and long run cost, which one is cheaper and why?
In general, the long-run cost is cheaper than the short-run cost
Some key reasons why long-run costs are generally lower than short-run costs:
1. Economies of scale - As a firm's output increases in the long run, it can spread its
fixed costs over more units, reducing the average cost per unit.
2. Technological improvements - In the long run, a firm can invest in newer, more
efficient technologies that lower production costs.
3. Specialization and division of labor - In the long run, a firm can reorganize its
production processes to take advantage of worker specialization and division of
labor.
4. Flexibility in inputs - In the long run, a firm has more flexibility to substitute between
different production inputs to minimize costs.
So in summary, the long-run cost curve is typically lower than the short-run cost curve
because the firm has more flexibility to optimize its production processes and take
advantage of economies of scale and other cost-saving measures in the long run
how many types of market structure in microeconomics? give example
of each for vietnam?
In microeconomics, there are typically considered to be 4 main types of market structures:
1. Perfect Competition:
● Example in Vietnam: Many small-scale rice farmers selling their crops in local
markets. The individual farmers have no ability to influence the market price.
2. Monopoly:
● Example in Vietnam: Vietnam National Tobacco Corporation (Vinataba), the
state-owned monopoly for tobacco products in Vietnam.
3. Oligopoly:
● Example in Vietnam: The Vietnamese automobile market, which is dominated
by a few major manufacturers like Toyota, Honda, and Hyundai.
4. Monopolistic Competition:
● Example in Vietnam: The market for coffee shops in major Vietnamese cities
like Hanoi and Ho Chi Minh City, with many independent and franchised
coffee shops competing on factors like location, ambiance, and menu
offerings.
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between short run and long run cost, which one is cheaper and why?
In general, the long-run cost is cheaper than the short-run cost
Some key reasons why long-run costs are generally lower than short-run costs:
1. Economies of scale - As a firm's output increases in the long run, it can spread its
fixed costs over more units, reducing the average cost per unit.
2. Technological improvements - In the long run, a firm can invest in newer, more
efficient technologies that lower production costs.
3. Specialization and division of labor - In the long run, a firm can reorganize its
production processes to take advantage of worker specialization and division of labor.
4. Flexibility in inputs - In the long run, a firm has more flexibility to substitute between
different production inputs to minimize costs.
So in summary, the long-run cost curve is typically lower than the short-run cost curve
because the firm has more flexibility to optimize its production processes and take
advantage of economies of scale and other cost-saving measures in the long run
how many types of market structure in microeconomics? give example of each for vietnam?
In microeconomics, there are typically considered to be 4 main types of market structures: 1. Perfect Competition: ●
Example in Vietnam: Many small-scale rice farmers selling their crops in local
markets. The individual farmers have no ability to influence the market price. 2. Monopoly: ●
Example in Vietnam: Vietnam National Tobacco Corporation (Vinataba), the
state-owned monopoly for tobacco products in Vietnam. 3. Oligopoly: ●
Example in Vietnam: The Vietnamese automobile market, which is dominated
by a few major manufacturers like Toyota, Honda, and Hyundai. 4. Monopolistic Competition: ●
Example in Vietnam: The market for coffee shops in major Vietnamese cities
like Hanoi and Ho Chi Minh City, with many independent and franchised
coffee shops competing on factors like location, ambiance, and menu offerings.