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Unformatted text preview: $ 1. MC Curve is downward sloping initially, MC but eventually slopes upward because of diminishing returns. AFC ATC 2. MC curve intersects the ATC and the AVC AVC curve at their minimum point (think about marginal and average grades) 3. The minimum point of MC curve corresponds to the point of inflection (point of diminishing returns) on the TPL curve and the maximum Q of the curve. $ Q TPL Q Q1 Q1 Wednesday, November 08, 2006 MPL Q1 Q L1 L L1 L...
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- Fall '08