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SK AGGARWALA-COST-Short answer II
- Explain the concept of economic cost.
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- Distinguish between fixed and variable costs. Give at least one exampl...
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- Giving examples explain what is implicit cost?
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- Explain the behaviour of TVC.
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- Draw TFC,TVC andTC curves on a single diagram.
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- Draw ATC,AVC and MC curves on a single diagram.
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- Explain the relation between MC and ATC.
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- Explain the relation between MC and AVC.
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- Explain the realtion between AVC and ATC curves.
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