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Question: A firm uses two inputs in production: capital and labor. In the short run, the firm cannot adjust the amount of capital it is using, but it can adjust the size of its workforce. What happens to the firm's average total cost curve, the average variable cost curve, and the marginal cost curve when

a) The cost of renting capital increases?

b) The cost of hiring labor increases?

Microeconomics, Economics

  • Category:- Microeconomics
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