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4 1. What is the customary shape of LAC, LMC and LRTC curves? 2.If the isoquants are downward sloping straight lines and the Isocost lines

1. What is the customary shape of LAC, LMC and LRTC curves? 2.If the isoquants are downward sloping straight lines and the Isocost lines are flatter than the isoquants then draw the expansion path.

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