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3.3.3 Long Run Production (Edexcel A-Level Economics Teaching PowerPoint)

Level:
A-Level
Board:
Edexcel

Last updated 28 Aug 2023

This editable and downloadable powerpoint covers long run production.

Long run production

In economics, the concept of "long run production" refers to a period in which a firm can adjust all its inputs (factors of production) to produce a desired level of output. In the long run, a company has the flexibility to change its production capacity, including its physical facilities, labour force, and equipment. Unlike the short run, where some factors are fixed and cannot be easily changed, the long run allows a firm to fully adapt to changes in its environment and optimise its production process.

Returns to scale

In economics, "long run returns to scale" refers to the relationship between changes in a firm's output (production level) and the corresponding changes in its average costs in the long run. It focuses on how a firm's production scale, measured by the quantity of inputs (such as labour, capital, and raw materials) it uses, affects its cost efficiency over an extended period, allowing all inputs to be adjusted.

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