LG7 - average fixed cost on a graph. 4. Describe the...

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University of Wisconsin Department of Economics Economics 301: Intermediate Microeconomic Theory Korinna K. Hansen Learning Guide 7 Due Date: Wednesday, April 2, 2008 Reading Assignment: Varian Chapter 21 Problem Assignment: Problems 1, 2, and 3 on page 381. Objectives: After completing the assignment you should be able to do the following: 1. Be able to define and graph the average fixed cost, average variable cost, and average cost for a firm. 2. Be able to define and graph the marginal cost for a firm. 3. Be able to describe the relation of average cost, average variable cost, marginal cost and
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Unformatted text preview: average fixed cost on a graph. 4. Describe the relations between marginal cost and variable costs. 5. Be able to derive the marginal cost curve for a firm with more than one plants when you have all the individual plants marginal costs. 6. Be able to describe and graph the relationship between the short run and long run average cost curves. 7. Be able to describe and graph the relationship between the short run and long run marginal cost curves....
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