TERMIUM Plus®

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LOWER-ENVELOPE FRONTIER [1 record]

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Record 1 1981-01-27

English

Subject field(s)
  • Econometrics
CONT

In the long run, when all fixed commitments expire and a firm is free to plan to operate any number of plants, the long-run cost curve LAC (and LTC) must be the lower-envelope frontier of best choice of plant for each level of output. This frontier will be a smooth envelope, containing at any point a tangential short-run cost curve, if potential plant sizes are smoothly continuous.

French

Domaine(s)
  • Économétrie

Spanish

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