1.Assume diminishing marginal product at some point. a.How do you draw the fixed cost, average fixed cost,...
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1.Assume diminishing marginal product at some point.
a.How do you draw the fixed cost, average fixed cost, marginal cost, average variable cost and average total cost curves for a firm?
b.How do you Indicate the quantity associated with efficient scale?What two curves intersect at this point?
c.Is this a short run or long run cost analysis?
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