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Draw the appropriate diagram and use it to explain the following : a. Explain why the shutdown point is at the mimimum point of AVC.

 Draw the appropriate diagram and use it to explain the following :


a. Explain why the shutdown point is at the mimimum point of AVC. 


b. (2) Explain why p = mc for a price taking firm 4. (3) What are three important concepts from Krutilla's "Conservation Reconsidered"? Briefly define each

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a To explain why the shutdown point is at the minimum point of AVC lets first understand what the shutdown point represents The shutdown point is the level of output at which the firm covers its varia... blur-text-image

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