Explain why a short run average cost curve

Assignment Help Macroeconomics

Reference no: EM13201247

a) Explain why a short run average cost curve only touches the long run average cost curve at one point on the long run average curve.
b) Define clearly the concept of returns to scale.
c)What are the two causes of the region of economics of scale for a long run average cost curve.

Reference no: EM13201247

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