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2) Starting from isoquants, graphically show how to derive a firm's short-run average variable cost curve and explain each step using words. Do the graphs

2) Starting from isoquants, graphically show how to derive a firm's short-run average variable cost curve and explain each step using words. Do the graphs you drew apply to perfect competition, monopoly, or both? explain. Be sure to label the axes and the lines on all your graphs.

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