Answer the following question: (i) Why does AFC curve never touch the X-axis ? (ii) Why does TVC curve start from origin? (iii) Why AC, AVC and MC curves are U-shaped ? (iv) Why are the gap between TC curve and TVC curve remains constant with rise in output ? (v) Why does AC curve lie above the AVC curve ? (vi) Why does TC curve and TFC curve start from the same point above the origin?
Why does the SMC curve cut the AVC curve at the minimum point of the AVC curve?
