Question

Explain the relation between average cost and marginal costs​

Answer 1

Answer:

The relationship between the marginal cost and average cost is the same as that between any other marginal-average quantities. When marginal cost is less than average cost, average cost falls and when marginal cost is greater than average cost, average cost rises.

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Answer 2

Answer:

Explanation:

Relationship Between Average and Marginal Cost

When the average cost increases, the marginal cost is greater than the average cost. When the average cost stays the same (is at a minimum or maximum), the marginal cost equals the average cost.