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The figure below shows a firm's long-run average cost curve (LAC). Three of the short-run average total cost curves (ATC) - 30 units of capital,

The figure below shows a firm's long-run average cost curve (LAC). Three of the short-run average total cost curves (ATC) - 30 units of capital, 40 units of capital, or 50 units of capital - that make up the firm's long-run envelope are tangent to LAC at points a, b, and c, respectively.

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