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Based on the below diagram, explain the short-run average fixed cost (SAFC), short-run average variable cost (SAVC) and short-run average total cost (SATC) curves at

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Based on the below diagram, explain the short-run average fixed cost (SAFC), short-run average variable cost (SAVC) and short-run average total cost (SATC) curves at the different stages. [8 marks] Cost SATC Stage I SAVC Stage II Stage III SAFC Output

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