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Question 1 You are manager of a firm with the following short-run production function: . Fixed costs are R160 000, the wage rate is R10.

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Question 1 You are manager of a firm with the following short-run production function: . Fixed costs are R160 000, the wage rate is R10. a) Graphically illustrate and explain the marginal cost, average variable cost and average total cost curves of your firm, given the information above

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