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Micro: Unit 3.5 -- LRATC and Economies of Scale

Hey Everyone! I'm Mr. Willis, and You Will Love Economics! In this video, I will: Discuss the process by which firms use short-run average total cost at various plant capacities to determine their long-run average total costs of production Practice graphing a long-run ATC curve Define economies of scale, constant returns to scale, and diseconomies of scale Identify each stage of returns to scale for a typical firm on the long-run ATC curve Compare and contrast short-run and long-run analysis Identify the point of productive efficiency on the long-run ATC curve Discuss the impact that economies of scale, constant returns to scale, and diseconomies of scale have on a firm's economic profits and losses Are you looking to teach this topic in your class? We have designed an activity to fit perfectly with this video: https://www.teacherspayteachers.com/P... Follow our store on Teachers Pay Teachers https://www.teacherspayteachers.com/S... Look for us on Social Media: Instagram --   / youwillloveh.  . Facebook --   / youwilllovehi.  . Subscribe to our YouTube Channel:    / youwillloveeconomics   Check out our website for teaching tips and insight from us- https://sites.google.com/view/you-wil...