Illustrate what are the formulae for both average economy

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Reference no: EM1360500

Q. Jack is in the umbrella making business. The economic cost of each umbrella is $2. What are the formulae for both the average economic cost curve and marginal cost curve?

Q. Collusion among firms to raise price is rare in monopolistically competitive markets because
a. products are homogeneous
b. there are too few firms
c. price leadership is used instead
d. there are too many firms
e. there is only one firm

Reference no: EM1360500

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