Chapter 21 - of output. 21.4 Long Run Costs 21.5 Discrete...

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Chapter 21: Cost Curves 21.1 Average Costs Average cost function measures the per unit cost of output.  21.2 Marginal Costs Equation:  MC1=AVC1 21.3 Marginal Costs and Variable Costs The area beneath the marginal cost curve up to y gives us the variable cost of producing y units 
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Unformatted text preview: of output. 21.4 Long Run Costs 21.5 Discrete Levels of Plant Size 21.6 Long Run Marginal Costs Long run marginal cost at any output level has to equal the short run marginal cost associated with the optimal level of plan size...
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This note was uploaded on 10/06/2010 for the course FNCE 100 taught by Professor Jaffe during the Spring '10 term at UNC Asheville.

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