(Answered) In class we looked at short run cost curvesa explain why

Management Studies

In class we looked at (short run) cost curves.

a. Explain why the marginal cost curve intersects the average total and variable cost curves at their respective minimum values:

b. At what point on the ATC will a perfectly competitive firm always produce in the long run

c. The supply curve for a perfectly competitive firm is the same as one of the cost curves based on a specific criterion. State both the curve and the criterion:

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