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(15 points) Assume the firm produces output using two factors, x, and x, , in the long run. Derive the relationship between AC(q) and MC(q).

(15 points) Assume the firm produces output using two factors, x, and x, , in the long run. Derive the relationship between AC(q) and MC(q). Based on the definition of returns to scale, derive the AC(q), MC(q) and C(q) curves under constant, increasing and decreasing returns to scale

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