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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

How and why does a firm’s average-total-cost curve differ in the short run compared with the long run?

To determine

An average total cost curve difference in the short run and long run.

Explanation

An average total cost is differing from the short run and the long run because in the long run, a firm can adjust the factors of production, but in the short run, all the factors of production are fixed and cannot increase the size of the factory...

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