The price of coal has fallen to $125 a ton from $300 a ton. BHP Billiton will
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The price of coal has fallen to $125 a ton from $300 a ton. BHP Billiton will cut production, lay off 6,000 workers, and close some mines for six months.
As BHP responded to the fall in price, how did its marginal cost change? What is minimum average variable cost in the mines that closed?
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