tagged with: microeconomics, economics, profit, ideal firm size, ideal firm, economist, lrac, long-run average cost curve, economies of scale, words and unwords, query, question, funny, humor, attitude, social scientist, economics teacher, competition, competitive
No need to be an economics major to appreciate this economics inquiry on any of these gifts. Featuring long-run average cost curve (LRAC), along with the caption "Ideal Firm Size: Do You Know Where That Is?". The ideal firm size is the theoretically most competitive size for any company, in a given industry, at a given time and should ideally correspond with the highest possible per-unit profit. In other words, the ideal firm size is OQ2, where average cost is at its lowest level on the long-run average cost curve. Make others do a double-take with a dose of microeconomics humor with any of these gifts!
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