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Unformatted text preview: Other concepts of cost: Since it’s in the short run, a firm will have both fixed and variable costs. Remember, short run= firm cannot adjust the size of the factory, which implies that it cannot change the cost of the factory, TC=VC + FC Let FC/Q be set as AFC ATC is set as AVC = AFC VC/Q = AVC TC/Q = ATC The Firms Family of Cost Curve...
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This note was uploaded on 04/18/2008 for the course ECO 2023 taught by Professor O'gorman during the Spring '08 term at South Florida Community College.
- Spring '08