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Explain the relation between the different concepts of costs

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Reference no: EM131584445

Question 1:

A) Identify and explain the relation between the different concepts of costs in the short run using suitable graphs.

B) Explain the behaviour of the cost in the long run with help of a suitable graph. also describe how a firm can reduce its costs in the short run with suitable real-life examples.

Reference no: EM131584445

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