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A firm employs a production function Q = F (K, L) for which only two values of K are possible, K1 and K2. Its ATC curve when K = K1 is given by ATC1 = Q2-4Q+6. The corresponding curve for K = K2 is ATC2 = Q2-8Q+18. What is this firm's LAC curve?
Microeconomics, Economics
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