Question

What is AVC(AVERAGE VARIABLE COST) ? Why is it U shaped ?​

Answer 1

$answer$:

AVC is 'U' shaped because of the principle of variable Proportions, which explains the three phases of the curve: Increasing returns to the variable factors, which cause average costs to fall, followed by: Constant returns, followed by: Diminishing returns, which cause costs to rise.

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Answer 2

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