Economy, asked by rohitrana27, 4 months ago

Discuss the relationship with the help of a schedule and diagram between AC and MC.

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Answered by abhinav8737

Answer:

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. ... When MC is less than AC, AC falls with increase in the output, i.e. till 3 units of output.

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