Economics
ECO 2501 CMU Production Costs and Perfect Competition Paper

ECO 2501

California Miramar University

ECO

Question Description

I’m working on a Economics question and need guidance to help me study.

Prod. Costs & Perfect Comp

If the marginal cost is falling, what must be true about average variable cost and average total cost?

Describe why the long-run supply curve in an industry may be upward sloping? Give an example of such industry.

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Final Answer

Attached.

Running head: PRODUCTION COSTS AND PERFECT COMPETITION

Production Costs and Perfect Competition
Student’s Name
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PRODUCTION COSTS AND PERFECT COMPETITION

2

Production Costs and Perfect Competition
In economics, there are two major classifications of costs: fixed and variable costs.
However, there are other classes of costs, including marginal cost, average total costs, average
variable, to mention a few. Marginal cost refers to the additional increase in cost when one extra
unit of...

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Duke University

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