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Assume diminishing marginal product at some point. Draw the fixed cost, average fixed cost, marginal cost,...

  1. Assume diminishing marginal product at some point.
    1. Draw the fixed cost, average fixed cost, marginal cost, average variable cost and average total cost curves for a firm.
    2. Indicate the quantity associated with efficient scale. What two curves intersect at this point?
    3. Is this a short run or long run cost analysis?
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