Question: Microeconomics 1- 1. What is long-run average cost? Explain with the help of a graph. 2. What are returns to scale? 3. Can we discuss

Microeconomics 1- 1. What is long-run average cost? Explain with the

Microeconomics

1- 1. What is long-run average cost? Explain with the help of a graph. 2. What are returns to scale? 3. Can we discuss Increasing Returns to Scale? 4. Does a relationship exist between increasing returns to scale and long-run average cost? Explain with the help of a graph. 5. How do you explain Constant Returns to Scale

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