What is long run total cost curve (LTCC)?
In the long run, all the factor inputs become variable; there is no difference between variable cost and fixed cost.
Initially, LTCC increases at a diminishing rate, then it tends to increase at a constant rate and it rises at an increasing rate.
This curve starts from the origin because all the costs are variable cost vary with output. Therefore, when output is zero, the variable costs are also zero.
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