Question: 26. How does fixed cost affect marginal cost? Why is this relationship important? Discuss. 29. How would an improvement in technology, like the high-efficiency gas

26. How does fixed cost affect marginal cost? Why is this relationship important? Discuss.

29. How would an improvement in technology, like the high-efficiency gas turbines or Pirelli tire plant, affect the long-run average cost curve of a firm? Can you draw the old curve and the new one on the same axes? How might such an improvement affect other firms in the industry?

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