General Economics

General Economics

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AVC is variable cost per unit of output produced. It is U-shaped due to law of variable proportion. a€“ AC is also called average total cost (ATC). It can be obtained in two ways: (i) AC = TC X . It gives U-shaped AC curve. The reason behind itsanbsp;...

Title:General Economics
Publisher:Tata McGraw-Hill Education - 2013


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