Compute average cost function is u-shaped
Technology and costs in production of a good are such that the average cost function is U-shaped. In a diagram, show the range of output where the lowest costs are achieved by having 2 firms rather than 1 in the industry.
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Updike and Patterson Investmens inc (UPI) holds equity investments with a cost basis of $250,000. UPI accounts for these investments as available-for-sale securities.
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