Cost function
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Cost function
- 1. ` Cost Analysis and Estimation
- 7. Short Run Cost Graphs AFC Q Q 1. 2. AVC 3. Q AFC AVC ATC MC MC intersects lowest point of AVC and lowest point of ATC. When MC < AVC, AVC declines When MC > AVC, AVC rises
- 15. Long Run Cost Function (LAC) Envelope of SAC curves
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