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Refer to the figure below. The total variable cost of production is: There are three curving lines, MC1, ATC1, and AVC1, and there are two
Refer to the figure below. The total variable cost of production is: There are three curving lines, MC1, ATC1, and AVC1, and there are two straight lines with downward slopes, the dotted line MR1 and the solid line D1. The curved line MC1 starts at approximately (18,8), curves down to cross MR1 at approximately (40,4), curves up to cross both AVC1 and D1 at approximately (60,7), crosses ATC1 at approximately (71,11), and ends at approximately (88,19). The curving line AVC1
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