Elucidate what is the firm cost function

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Reference no: EM1349140

Gail works in a flower shop, where she produces 10 floral arrangements per hour. She is paid $10 an hour for the first eight hours she works and $15 an hour for each additional hour. Elucidate what is the firm's cost function? What are its AC, AVC, and MC functions? Draw the AC, AVC, and MC curves.

Reference no: EM1349140

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