5. Explain why marginal cost is the glue that connects average variable cost and average total cost.
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5. Explain why marginal cost is the glue that connects average variable cost and average total cost.
6. Compare the short-run and long-run cost curves.
In a few sentences, explain their differences.
7. Name examples of industries that illustrate each of the following: economies of scale, constant returns to scale, and diseconomies of scale. Think creatively; do not use the textbook examples.
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