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2011-10-02 22-41-19 32

2011-10-02 22-41-19 32 - ATC= AF C AVC Long run average...

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Unformatted text preview: ATC= AF C+ AVC Long run average cost curve: A curve showing the lowest cost at which the firm is able to produce a given quantity of output in the long run, when no inputs are fixed. Economies of scale: Exist when a firm’s long run average costs fall as it increases output. ...
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