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Describe the relation between marginal and average costs.
Describe the relation between marginal and average fixed costs.
Describe the relation between marginal and average variable costs.
Business Economics, Economics
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Suppose the production function for a firm is given by: q=8L +2K. If the firm currently has 20 units of capital (K) and 10 units of labor (L), then calculate the Marginal Rate of Technical Substitution (MRTSLK).
What is the theory of consumer choice and how it consumers facing trade-offs make decisions and how they respond to changes in their environment?
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