Question: 1.Explain what the long run average cost curve shows. 2.Explain the regions of economies, constant returns, and diseconomies of scale on the long run average

1.Explain what the long run average cost curve shows.

2.Explain the regions of economies, constant returns, and diseconomies of scale on the long run average cost curve and discuss the factors that contribute to each.

3.Define minimum efficient scale.

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