Economy, asked by rainanjana763, 3 months ago

describe the various types of production cost explain the mutual relationship between AC and MC

Answers

Answered by saadhanaaprabhu

6

Answer:

i. Both AC and MC are derived from total cost (TC). AC refers to TC per unit of output and MC refers to addition to TC when one more unit of output is produced. ...

ii. Both AC and MC curves are U-shaped due to the Law of Variable Proportions The relationship between the two can be better illustrated through following schedule and diagram.

Explanation:

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