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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

The average variable cost curve and the average total cost curve get closer to each other as output increases. What explains this convergence?

To determine

Explain the average total cost and average variable if the output increases.

Explanation

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 AFC=(

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