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5. (15 points) Use the following isoquant/isocost graph to determine the shape of the long run average cost- curve graph. K 12 q=200 q=150 24

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5. (15 points) Use the following isoquant/isocost graph to determine the shape of the long run average cost- curve graph. K 12 q=200 q=150 24 36 When output expands from 150 to 200 production will exhibit (increasing/decreasing/constant) returns to scale and run average cost will (long/short) (increase/stay same/decrease) You need to explain

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