relation between TC and MC
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AC refers to TC per unit of output and MC refers to addition to TC when one more unit of output is produced. ... 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.
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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.
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