Draw a short-run diagram showing a U-shaped average total cost curve, a U- shaped average variable cost
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Draw a short-run diagram showing a U-shaped average total cost curve, a U- shaped average variable cost curve, and a “‘swoosh”-shaped marginal cost curve. Onit, indicate the range of output and the range of price for which the following actions are optimal.
a. The firm shuts down immediately.
b. The firm operates in the short run despite sustaining a loss.
c. The firm operates while making a profit.
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