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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Related Book For  book-img-for-question

Principles Of Microeconomics

ISBN: 9780393679199

3rd Edition

Authors: Dirk Mateer, Lee Coppock

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