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(a) Explain the marginal cost and average cost. Elaborate on the relationship between the two. [8...

(a) Explain the marginal cost and average cost. Elaborate on the relationship between the two. [8 marks]

(b) Elaborate on the main differences between short run and long run. [4 marks]

(c) Differentiate between economies of scale and economies of scope. [8 marks]

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