Hermia

Long-Run Average Total Cost (LRATC) Definition.

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The long-run average total cost (LRATC) definition is the average cost incurred by a firm over a period of time, usually taken to be infinite. The LRATC is calculated by dividing the total cost by the quantity of output. The LRATC provides a snapshot of a firm’s average cost over the long run and is … Read more

Wet Loan.

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A wet loan is a loan that is made in order to purchase a property that has already been built or is currently under construction. The loan is typically used to finance the purchase of a new home, and the borrower typically makes a down payment of 20% of the purchase price. What is a … Read more