Assuming a constant wage rate

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a. Assuming a constant wage rate, illustrate and explain using a diagram, how a firm’s marginal cost of production are at minimum when it’s marginal product is at a maximum.

b. Illustrate and explain using a diagram how a firm’s long run average cost curve comes into existence from a multi plant operation.

c. Identify and describe the significance of the various portions of this diagram.

Reference no: EM13994773

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