For each of the four scenarios below determine how each, Ask an Expert

Economics

For each of the four scenarios below, determine how each event would affect our firm's marginal, average, and average variable cost curves. Consider each situation independently. Describe in detail.

a. An increase in employee wages

b. A decrease in material costs

c. The government imposes a fixed amount of tax (i.e. it is not a percentage tax but a fixed dollar amount)

d. The rent that the firm pays on their building lease decreases.

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