a) Describe the idea of short run costs.
b) Describe the concept of TFC and TVC.
c) describe why does TFC encompass a positive vertical intercept?
a) Deduce the short run total cost curve of a firm.
b) Describe why it is concavo-convex.
c) What would be the value of TC if no output is generated?
a) Describe the idea of AFC and AVC.
b) How would you deduce the AFC curve?
c) Illustrate the properties of the AFC curve?
a) Describe the idea of AVC.
b) How would you deduce the AVC curve?
a) Describe the derivation of the short run AC curve.
b) describe why do AC and AVC come closer and closer to one other?