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EC311 · Intermediate Microeconomics

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EC311 / TOPIC 21

6.3 Short-run and long-run costs

One idea · follow the reasoning · then practise1 / 9

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Why does MC cross AVC and ATC at their minimum points?

Logs and rocks flow into a factory and emerge as wooden pieces and a chair, with stacks of coins below
VISUAL NOTE · Production and cost Each cost measure responds differently to output

An existing lease remains payable when output stops, but daily labor may be avoidable.