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1) Draw the short run marginal cost curve for a firm with eventually diminishing marginal product. Then, draw an associated average variable and average total
1) Draw the short run marginal cost curve for a firm with eventually diminishing marginal product. Then, draw an associated average variable and average total cost curve. Indicate the quantity associated with minimum average variable and average total cost. 2) Draw a long run average cost curve that, at different quantities, exhibits economies of scale, diseconomies of scale and constant returns to scale. Indicate the quantities associated with each regime.
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