Description
It is micro economics question
Explanation & Answer
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
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