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A define and explain short run cost curves total average

A. Define and explain Short Run cost curves (TOTAL, AVERAGE AND MARGINAL COST CURVES). DRAW GRAPHS AND LABEL EACH CURVE ON THE GRAPH.

Explain the "law of diminishing returns". State the economic reason behind it.

B. Explain the Long Run Average Total Cost curve. Explain the concepts of Economies of Scale; Constant Returns to scale; Diseconomies of scale. Draw a graph.

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