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Showing the relationship between fixed

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Reference no: EM131083178

A bicycle firm's supply curve shows the quantity of bicycles it is willing to supply at different prices.

(a) Describe 3 factors which could increase the supply of bicycles.

(b) Describe, using examples, what is meant by fixed costs and variable costs.

(c) Draw a diagram showing the relationship between fixed, variable, and total costs.

Reference no: EM131083178

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