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(More difficult) In this chapter we stated that the firm’s MC curve goes through the lowest point of its AC curve and also through the lowest point of its AVC curve. Because the AVC curve lies below the AC curve, how can both of these statements be true? Why are they true? ( Hint : See Figure 4.)

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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

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Section
BuyFindarrow_forward

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
Chapter 10, Problem 5DQ
Textbook Problem
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(More difficult) In this chapter we stated that the firm’s MC curve goes through the lowest point of its AC curve and also through the lowest point of its AVC curve. Because the AVC curve lies below the AC curve, how can both of these statements be true? Why are they true? (Hint: See Figure 4.)

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