4) What is (if any) the relationship between marginal cost and average cost ? What happens in the "long-run" regarding production and cost ?

4) What is (if any) the relationship between marginal cost and average cost ? What happens in the “long-run” regarding production and cost ? In your analysis, describe such concepts as: economies of scale; minimum efficient scale and diseconomies of scale. How do indivisible inputs affect production costs?

Relationship between marginal cost and average costThe average total cost is the total costs divided by the number of units. Marginal cost on theother hand is the change in the total cost that...