Question

Define the shape of AC and MC curves.

Answer 1

Answer:

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Answer 2

The AC and MC curves are U-shaped.

Why AC and MC curves are U-shaped?

AC and MC curves are U-shaped because of the law of variable proportion which means when one quantity is increased then the other remains constant.

What is the relation between AC and MC curves?

• AC is equal to the total cost per unit of output and MC is equal to the total cost and additional cost of output produced
• The AC and MC curves intersect when the marginal cost (MC) is equal to the average cost (AC)