Economics (MindTap Course List)
Solutions
Economics (MindTap Course List)
The average variable cost curve and the average total cost curve get closer to each other as output increases. What explains this convergence?
Explain the average total cost and average variable if the output increases.
In general, the average total cost is equal to the sum of average fixed cost and average variable cost. In this case, if the output increases, the average fixed cost (AFC) will decrease because
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