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If the subsidies for oil are reduced by the government: i. show how this will affect the producer's cost curves in the short-run,( average cost,
If the subsidies for oil are reduced by the government:
i. show how this will affect the producer's cost curves in the short-run,( average cost, average fixed cost, average variable cost, and marginal costs)?
ii. If the producer decides between labor and oil inputs, how will the producer's decision affect its cost-minimizing behavior?
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