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What is the use of long-run average total cost curve in the producing output?
The long-run average total cost curve demonstrates the relationship in between output and average total cost while fixed cost has been selected to minimize average total cost for every level of output.
Short-Run and Long-Run Average Total Cost Curves
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How does the Ricardo Viner diagram react when once price changes, effects on real wages, and labor allocation?
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Once Y is determined, almost all of the other variables are determined since they are either exogenous or they depend on Y. From Y we can determine C by consumption function, I m
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