What relationships do firm's short-run cost curve show?

Economics
Tutor: None Selected Time limit: 1 Day

It is micro economics question

May 21st, 2015

The average total cost curve is constructed to capture the relation between cost per unit of output and the level of output. A perfectly competitive and productively efficient firm organizes its factors of production in such a way that the factors of production is at the lowest point. In the short run, when at least one factor of production is fixed, this occurs at the output level where it has enjoyed all possible average cost gains from increasing production

May 21st, 2015

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