1. Draw a graph showing the AFC, AVC, AC and MC curves corresponding to the figures in...
Question:
1. Draw a graph showing the AFC, AVC, AC and MC curves corresponding to the figures in the above table.
2. Calculate a new set of figures for each of the columns (4)–(10) if
(a) The price of capital rose from £60 to £100;
(b) The wage rate rose from £100 to £150. Why in the case of (a) is the marginal cost not affected?
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1 This will involving plotting columns 7 8 9 and 10 on the vertical axis against column 3 on the hor...View the full answer
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