Explain how each of the following will affect the average fixed cost, average variable cost, average total
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Explain how each of the following will affect the average fixed cost, average variable cost, average total cost, and marginal cost curves faced by a steel manufacturer:
a. New union agreement increases hourly pay.
b. Local government imposes an annual lump-sum tax per plant.
c. Federal government imposes a “stack tax” on emission of air pollutants by steel mills.
d. New steelmaking technology increases productivity of every worker.
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