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SK AGGARWALA-COST-Short answer
- What is fixed cost? What happens to AFC as output is increased?
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- Define variable cost. How does AVC behave as output increases?
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- Distinguish between short run and long run in terms of cost.
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- Draw TFC and TVC curves.
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- Draw ATC and AVC curves on a single diagram.
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- Draw ATC,AVC and MC curves on a single diagram.
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- Define marginal cost and give an illustration.
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