What is the shape of the average variable and average total cost curves and average fixed cost? Explain the reason for these shapes. Why is long run average cost curve known as envelope curve?
What is the shape of the average variable and average total cost curves and average fixed cost? Explain the reason for these shapes. Why is long run average cost curve known as envelope curve?
Chapter6: Proudction Costs
Section: Chapter Questions
Problem 7SQP
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What is the shape of the average variable and average total cost curves and average
fixed cost? Explain the reason for these shapes. Why is long run average cost curve
known as envelope curve? Answer in 1000 words
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