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Explain about the marginal analysis.
The optimal quantity of an activity is the level which produces the maximum probable total net gain.
The principle of marginal analysis says about the optimal quantity of an activity is the quantity at that marginal benefit is equivalent to marginal cost.
Relationship between AC, AVC, AFC and MC is elucidated graphically by drawing respective cost curves in Figure below. Behaviour of cost curves is elucidated below. Figure:
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