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Assume that labour is a constant wage. Labor Output MPL VC FC TC AVC AFC ATC MC 0 10 15 2.5 9 4 12 14

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Assume that labour is a constant wage.

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Labor Output MPL VC FC TC AVC AFC ATC MC 0 10 15 2.5 9 4 12 14 35 15 a. At what quantity of output is ATC at its minimum? I b. At what quantity of output is AVC at its minimum? c. Suppose we know that within a certain range of output, ATC is decreasing as output increases. What must be true about ATC and MC? Explain your answer. II. Use the graph below to answer the following questions

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